Biggest Crypto Gainers Today on DEXTools – BEPE, EMERSO, XPEPE
Bitcoin's price rose to nearly $28,143 on Tuesday following a positive legal ruling for digital asset manager Grayscale. However, analysts remain cautious about the sustainability of the rally amid low spot market volumes.
Data showed Bitcoin's price gained 7.5% after a federal court ruled that the Securities and Exchange Commission was "wrong" to deny Grayscale's application to convert its Bitcoin Trust into a spot Bitcoin ETF. The Trust is currently the world's largest Bitcoin fund, with over $20 billion in assets.
As we monitor the continuous dynamics in the cryptocurrency market, what are the biggest crypto gainers today?
Even though Bitcoin wrapped up Tuesday's day of trading above two important exponential moving averages, it has been noted by analysts that these have not become firm intraday support points as of now.
Rekt Capital, a popular trader and analyst, argued in a YouTube video that Bitcoin's recent price action bears similarities to the double top pattern in 2021 preceding the bear market.
While not predicting a new all-time high, Rekt Capital suggested history could repeat with $26,000 flipping from support to resistance, initiating further downside.
He and other analysts have highlighted $23,000 as a key potential price floor where Bitcoin could rebound.
"We're seeing many similarities between the double top of 2021 and what we're seeing right now," Rekt Capital said, urging caution despite the Grayscale boost.
With spot volumes unconvincing and Bitcoin still ranging below 2021 highs, analysts contend more evidence is needed to confirm a sustainable reversal in the crypto market downturn.
Their neutral stance echoes a tempered mood in Bitcoin price forecasts even after Grayscale's positive court ruling.
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