The decline in Bitcoin dominance and resistance at $ 55,000 raised hopes last season


The entire cryptocurrency market saw a second day of gains on April 27 after the weekend sell-off proved to be a good buying opportunity for retail and institutional investors.

Lower gas fees following the upgrade of the Ethereum network in Berlin, as well as an increase in institutional purchasing and decentralized financial activity, raised the price of ether to a new all-time high of $ 2,680.

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Data from Cointelegraph Markets and TradingView shows that Bitcoin (BTC) surged above $ 54,000 in the early hours of trading on Tuesday and the bulls are now trying to break the $ 55,000 resistance level for a possible rally to $ 58,000.

BTC / USDT 4-hour chart. Source: TradingView

With ether and altcoins showing signs of strength while BTC remains tied to reach, there is increasing talk on Crypto Twitter as traders speculate about whether an altcoin season is about to begin.

This rebound is similar to previous market lows

As highlighted in a recent report by Ben Lilly, co-founder and analyst at Jarvis Labs, the strong 11.5% rally on April 26 resembles an earlier rebound in BTC price from a bottom.

Strength of the Bitcoin price rally. Source: Jarvis Labs

The purple lines in the graph above represent the “yearly lows in Bitcoin futures that roll on a monthly basis,” which Lilly points out to highlight a possible signal that a price break may be imminent.

Lilly said:

“Each time before a price reversal, the futures premium traded 6-7% higher than spot prices a month later.”

Selected altcoins hit new all-time highs

Daily market performance in cryptocurrencies. Source: Coin360

For several Altcoins, the prices reached new record highs in addition to ether on Tuesday.

Polygon (MATIC) continued its strong rally, moving as high as $ 0.75 before taking a short breather. At Uniswap (UNI), the token price also hit a record high of $ 40.50 after rallying 17% from the April 26 lows.

The market cap for cryptocurrencies is now $ 2.08 trillion, and Bitcoin’s dominance rate is 49.5%.

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