Bitcoin Cash (CRYPTO: BCH), Ethereum Classic (CRYPTO: ETC) and Litecoin (CRYPTO: LTC) are all trading higher Monday afternoon. Shares of several altcoins are rising amid strength in Bitcoin.
Bitcoin has in large part rallied in recent weeks due to rising demand after spot bitcoin ETFs were approved in January. However, these ETFs saw significant outflows last week, leading to a sell-off in crypto-related stocks. The market then rebounded after the Federal Reserve made dovish remarks.
See Also: Bitcoin Breaks Above $70K Again: Expert Points To Pattern Signaling Major Breakout
What’s Going On With Crypto?
Bitcoin is surging above $70,000 for the second time ever. This follows a recent all-time high, followed by a retreat to $60,000. Analyst Kevin Svenson noted a potential bullish signal, spotting an “inverse head and shoulders” pattern on the four-hour chart, indicating a reversal in momentum and heightened demand.
With Bitcoin retesting a crucial resistance level and gaining support, Svenson predicts a continuation of the rally towards $76,000…Read More
- BCH is trading higher by 4% to $502.12
- ETC is trading higher by 3.7% to $32.59
- LTC is trading higher by 1.9% to $91.58