Bitcoin price has finally started to gain momentum after days of consolidation. On Monday afternoon, the leading crypto asset is up 3.24%. This propelled the BTC market cap to $1.36 billion. Ethereum and Solana prices are also enjoying notable upticks. Both digital assets are up 1.55% and 2.2%, respectively.
The bullish price action in cryptocurrencies is backed by positive sentiment in the equity markets. The benchmark indices like S&P 500 and Nasdaq 100 trade at record levels. This suggests that investor confidence in high-risk assets is increasing. Nevertheless, Bitcoin and Ethereum prices are still trading 4.6% and 3.5% below their yearly highs, respectively.
After a sharp rejection from the May high of $189.5, Solana price had a sharp correction. The subsequent selling pressure pushed SOL to its $162 support from where the price had a strong rebound. At press time, the digital asset is trading at $165.6 and retesting the previous range lows.
Technical analysis shows that a clear break of 166.5 resistance would flip Solana bullish on the lower timeframe, which could give it enough momentum to target $180 again. This level is in the middle of the current trading range and may act as resistance. A break of this resistance might propel the price beyond $200.
Following the BTC’s footsteps, ETH is also gaining momentum. On Monday, the pioneering smart contract asset rose above $3,800. However, it continues to face resistance from this level, which needs to be overcome before it can break the $4,000 barrier.
The following chart depicts a strong bounce in BTC/USD from the $66,700 support. The most valuable digital asset is currently struggling to break above the $70,000 threshold. A clear breakout could give bulls enough confidence to target a new all-time high beyond $74,000. In case of a pullback, the $66,700 must be watched carefully.
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