Along with Bitcoin and Ethereum, other cryptocurrencies such as Solana, Dogecoin and Hyperliquid have also witnessed gains of up to 5% in the last 24 hours. The global cryptocurrency market capitalization has also seen a slight increase of 1.02% to $3 trillion, according to CoinMarketCap data. This overall recovery trend highlights a positive shift in the digital asset space after recent downturns.
CoinSwitch Markets Desk has analyzed the recent surge in Bitcoin’s price. They attribute it to a rebound in the US equity market and positive geopolitical developments between the US and China. The desk also notes that if this momentum continues, Bitcoin could attempt to break the key $90K barrier in upcoming sessions.
CoinSwitch Markets Desk also observed strong short-squeeze liquidity above current levels on Bitcoin’s liquidation heatmap, especially around $89.5K-$90K. This suggests a potential price push higher to clear these zones. Meanwhile, Ethereum has bounced back by roughly 13% from its recent swing low with the $3,000 level possibly acting as psychological resistance and stronger technical resistance near $3,200.
Piyush Walke, Derivatives Research Analyst at Delta Exchange, noted that altcoins like Solana, XRP and Dogecoin have made significant recoveries after the recent pullback. He also pointed out that macro markets are indicating a 70% chance of a 25-basis-point rate cut by the Federal Reserve. This development could further boost the crypto markets.
