Crypto rally continues as fresh all-time highs enthusiastically eyed

Early on Thursday, traders saw a surge in the price of bitcoin as bulls began to reduce their stakes in the biggest cryptocurrency in the world. It peaked earlier on Tuesday at $69,202, then later on Wednesday, it dropped to about $60,000.

The digital currency has experienced a spectacular rise, rising 57% so far this year, driven by investors flooding US spot exchange-traded crypto products with cash and the possibility of a decline in global interest rates.

As of this writing, Bitcoin is consolidating around $66,950 and is probably going to try to break $69,000 again in the next days. $72,000 becomes a crucial target level for profit-taking once BTC enters price discovery mode; if this level is exceeded, the market can experience another exuberant bounce.

As this was going on, Bitcoin saw a spike to $66,000 after falling to $60,000. This attracted optimistic attention as a potential purchase opportunity. The goal is to breach the $69,000 barrier and go after the next resistance level at $70,200, with support around $65,600.

As of this writing, Ethereum is up 0.83%, trading at $3907.1. On Wednesday, it crossed the $3,800 threshold and beyond $3,860, reaching its highest level since January 2022. Later on, though, it dropped to $3,727. In the meantime, it was up almost 2% in early trading on Thursday, trading at roughly $3,800.

With the 20-day EMA on the 4-hour chart providing strong support, ETH is targeting the $4,100 mark as its next resistance. The major cryptocurrency tokens, Polygon, Avalanche, Polkadot, Solana, and BNB all saw 6-9% increases. Shiba Inu and Dogecoin saw declines of 16% and 8%, respectively.
While the overall volume of the cryptocurrency market fell by 29.9% to $173.36 billion in the last day, the global cryptocurrency market value increased by 1.9% to about $2.5 trillion. Stablecoin volume as a whole is currently $160.35 billion, or 92.5% of the 24-hour volume of the whole cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, had its market capitalization increase to $1.297 trillion in the past day. The current dominance of Bitcoin is 52.03%. The volume of BTC increased by 35.5% to $63.73 billion in the past day.