Bitcoin has recaptured a key price level, while several altcoins are showing signs of a breakout.
The S&P 500 Index had its best performance since November 2022, driven by expectations that the Federal Reserve will not raise rates.
Bitcoin’s performance was more muted, but a risk-on sentiment is likely to benefit the crypto space.
Bitcoin continues to trade near the $35,000 resistance, forming an ascending channel pattern. A break below the channel may tempt traders to book profits.
Altcoins like Cosmos, Uniswap, Near Protocol, and Axie Infinity are showing signs of moving higher.
Cosmos (ATOM) completed a double bottom pattern and may target $8.91 if it crosses the $8.25 level.
Uniswap (UNI) faces resistance at $5, but the bulls have the upper hand with support at the 20-day EMA.
Near Protocol (NEAR) has seen a sharp rise, with resistance at $1.63 and support at $1.43.
Axie Infinity (AXS) is in a recovery phase, with resistance at $6 and support at the 20-day EMA.
Investors should conduct their own research before making any investment decisions.