Bitcoin And Ethereum Price Heading Towards A Bull Summer Or Bull Trap Before A 30% Dump?

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The world of cryptocurrencies is awakened to bright and greener numbers all around. As digital assets from the industry’s directory have leapt over the parapet.

The move by the cryptos from the business has shepherd in the much-needed optimism in the industry.

The market cap of the industry has now risen back to higher levels at $1.99 T. Whilst scripting gains of about 10.5% over the previous day. Consecutively, the digital assets from the business have been posting healthier double-digit gains.

In contrast, what has struck the masses is the count of liquidations, the business has witnessed over 70,000 trades getting liquidated in 24-hours.

Will This Pump Be The Stairway To The Moon?

The star crypto Bitcoin has reclaimed its $40,000 levels for the first time in the month of February. As the crypto market has been following the footsteps of wall street, the recent pump has come after the equity market’s signal.

Successively, proponents believe rising back above $40K, with an RSI above 50 to be a good sign. That comes along whales that have been buying along the bear season.

In succession, traders have pinned the mid-term target for a higher time frame at $48k daily 360 MA. The buyers at $30k levels have been benefited with laudable gains.

And some might attempt to take out profits, which might be a hindrance to the momentum. Which justifies sections being dubious over the near future. 

The star altcoin Ethereum has stepped in the shoes of Bitcoin. Following this, the price of ETH is now at $3.015.88 with gains of 12.33%. Ethereum is up about 40% since its dip this year, which has been a sigh of relief for the holders.

In the interim, the daily Net Flow of BTC and ETH are +$35.7M, and  +$125.1M respectively. Moreover, other alts such as SOL, ADA, DOT are up 11.1%, 8.7%, and 15.4%.

What About Liquidations In The Market?

Millions of shorts have been liquidated over the past couple of hours. According to sources, in the past 24-hours, 71,637 traders were liquidated.

In the 4-hour time frame, a total of about $31.0 M were liquidated, of which $23.79 M were shorts, while the rest were longs. The star crypto Bitcoin has seen $3.41 M total liquidations in 4-hours. While Ethereum has spectated $5.93 M liquidations in 4-hours.

According to Santiment, the discussion rate of the word pump on crypto social platforms has hit a 3-week high. As Bitcoin led a rally to rebound to $41.6k. In addition, the positive vs. negative commentary has achieved its highest ratio since late October.

Learning from the statistics, the sentiment-driven market still holds its roots at numerous fronts.

Summing up, The recent move by the star crypto has been surprising to the masses, as little were the expectations of BTC rebounding at such lightning speed. While the sentiments in the markets have been growing optimistic off-late.

Sections still hold the fear and have been dubious over the pump, which would eventually catch the wind with a continued run. That said, the pump has now instated the hopes for a $100k BTC run.