Crypto Market Live Today: Bitcoin Strikes $71,000, Memecoins Trigger Huge Upswing While ETH, XRP, ADA & SOL Attract Decent Gains

Bitcoin Breaks Bearish Sentiment, Sparks Market Uptrend

Bitcoin's price has shattered bearish expectations by reaching monthly highs around $71,500. This has ignited a renewed bullish trend in the market, particularly among memecoins.

Dogecoin and POPCAT soared by over 13%, while Shiba INU, Pepe, dogwifhat, FLOKI, and Brett surged past their resistance levels. Notably, altcoins like XRP, Cardano, and Toncoin have exhibited resilience, contributing to the overall bullish sentiment.

Bitcoin's Bullish Breakout and Targets

Bitcoin's price tested and broke through the upper trendline of a bullish flag pattern, signaling a continuation of its uptrend. The daily close above $70,000 confirmed the breakout and attracted substantial buy orders.

Speculation attributes this rise to strong inflows into US-based spot ETFs, totaling over $22 billion. Bitcoin is poised to break out of its broadening wedge after 8 months of consolidation, with potential midterm targets ranging between $88,000 and $90,000.

Ethereum's Mixed Signals amid Market Shift

Ethereum's price has been unable to fully capitalize on the bullish momentum. As Bitcoin reached $70,000, Ethereum's value declined from $4,000 to $2,600. This indicates that a return to the previous bullish trajectory may require additional liquidity.

The current trading pattern suggests Ethereum may remain within an ascending triangle until it reaches the apex in a few weeks. The MACD indicator suggests a potential breakout, but the upswing could face resistance at $2,800.

Altcoin Market Remains in Flux

The top cryptocurrencies within the top 10 are currently in a narrow range. While the recent upswing has halted their bearish movement, it has not yet sparked a strong bullish trend. Bitcoin's dominance continues to increase, indicating that altcoins may maintain a consolidated trend. However, once dominance breaks out, the altseason could commence.