Bitcoin has reached a milestone by breaking above $26,300 for the first time since August 31. Alongside this surge, Chainlink (LINK) has experienced a significant gain of over 15% in the past week, reaching a price of $6.81. Meanwhile, Ethereum, the top altcoin, has also hit new highs above $1,670 as the leading cryptocurrencies gain momentum in anticipation of a potentially pivotal week for risk asset markets.
Can Bitcoin Continue to Rise?
The recent surge in Bitcoin’s price on Monday has generated optimism among bulls. With intraday highs nearing $27.4k, crypto analysts speculate the possibility of a retest of a critical level and the invalidation of a double-top pattern. If the price successfully consolidates above the 200-week moving average, it could lead to a decisive breakout and turn the current resistance level into support. This upside perspective is crucial after Bitcoin’s recent “Death Cross” signal on the daily chart and a bearish monthly close candle while the price remained below $27k.
If the price continues to climb, it may rally to $28,200 and potentially retest the psychological level of $30,000. However, a rejection at the current resistance level would mean a retest of the $25,000 area before rebounding.
Chainlink’s Price Surge
Chainlink has emerged as today’s biggest gainer, experiencing nearly double-digit growth as the intraday price reaches highs of $6.81 across major crypto exchanges. This breakout was facilitated by a bullish push above the $6.40 area and comes after LINK revisited the $5.50 zone. If prices continue to rise, Chainlink could see further weekly gains of more than 15% and potentially push towards $8.00, according to crypto analyst Michael van de Poppe.
What is the current price of Bitcoin?
The current price of Bitcoin is above $27,000.
What is the price of Chainlink?
The price of Chainlink has reached $6.81.
Is this surge expected to continue?
While there is optimism among crypto analysts, the future movement of Bitcoin and Chainlink prices is uncertain and subject to market conditions.
What are the potential levels of resistance and support for Bitcoin?
If Bitcoin’s price continues to rise, it may face resistance at $28,200 before potentially retesting the $30,000 level. On the downside, a rejection could lead to a retest of the $25,000 area.
What is the outlook for Chainlink?
If Chainlink’s price continues to climb, it could potentially reach $8.00, according to crypto analyst Michael van de Poppe.
What is the significance of Bitcoin’s “Death Cross” signal?
The “Death Cross” signal in Bitcoin refers to the point at which the 50-day moving average crosses below the 200-day moving average. This is considered a bearish signal by many traders and analysts.