Bitcoin’s resurgence drives other crypto assets up

On Wednesday, Bitcoin was soaring by more than 5% at one point. If the apex crypto can regain the $30,000 level, alt-coins may gather the strength to break through their own resistance marks. At the time of writing, the most famous cryptocurrency is up +5.4% trading at $29,723.

During the 24-hour trading period on Wednesday, Bitcoin spiked up more than 5% higher, pushing Ethereum, Dogecoin, and Shiba Inu sharply higher. The S&P 500 was sliding from its high-of-the-day as the broader market saw the S&P 500 move higher in concert with spot gold, which was also trending marginally higher.


Bitcoin briefly pushed up through the $30,000 mark before rejecting to drop back under that level. Ethereum attempted to regain the psychologically important $2,000 mark but also failed.

Similarly, Dogecoin rejected the 200-day simple moving average (SMA), as did Shiba Inu. The rejection of that level indicates consolidation is likely needed before the cryptos gather the strength to make a possible break up into a bull cycle.

If Bitcoin can bust up through $30,000, alt-coins are likely to break through the overhead resistance, which could signal a return to bullish sentiment in the sector.