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The cryptocurrency market is experiencing an influx of new capital as Bitcoin price broke above $46,200 on Friday morning. Ethereum (ETH) is also performing well, with the bulls aiming for another retest of the $2,500 barrier. In addition, altcoins like DYM, TAO and BEAM are also surging, depicting an across-the-board uptrend in the market.
The breakout, which was mentioned in the last article is now gaining momentum. The institutional demand for Bitcoin remains elevated with the MicroStrategy purchasing $37 million worth of BTC earlier this week. At the same time, the excitement about the Bitcoin halving is also increasing.
However, the biggest gainer among the top 100 coins in the past 24 hours has been Dymension (DYM), with a 29% surge. Bittensor (TAO) and BEAM follow with 15.4% and 14.5% gains. The positive BTC price action has boosted the investor sentiment around riskier altcoins, causing a 1.04% uptick in the Total 3 market capitalization.
On the 4H BTc/USD chart, the inverse head and shoulders pattern that I mentioned yesterday shows a clear breakout. The price is also trading well above the range highs of $44,500. This clearly indicates that the bulls are in complete control at the moment.
If the current levels hold without a significant pullback, a move toward $48,000 might come any time. However, the volatility may decrease over the weekend due to low trading volume.
The newly launched token DYM is feasting on the ongoing bullish sentiment in the markets. The native asset of Dymension ecosystem has soared 29% in the last 24 hours, hitting a record high of $8.36 on Thursday.
Considering the very little price history of the DYM/USD pair, the next target could be the psychological barrier of $10. However, this price target will only come into play if Bitcoin remains stable. In case of a pullback from current levels, the next support could be around $6.34 level, which was previously acting as a resistance.
With a market capitalization of more than $3 billion and a trading volume of $27 million, Bittensor has emerged as the second-best performer in the top 100 digital assets since yesterday. TAO surged past $500 on Friday morning but had settled at $496 at press time. If bulls hold the current levels, $535 could be the next target.
In its sixth consecutive green day, BEAM/USD is leading the pack among the GameFi assets. After a 9.42% surge today, the price has hit the current range highs around $0.0208. There is a strong possibility of increased selling pressure around these levels. However, a breakout will be very bullish.
