Crypto Jebb, a respected name in the cryptocurrency community, recently shared significant insights on the rapid movements in the Bitcoin and altcoin markets. Below, the CoinSpeech team summarizes the most important takeaways from his latest appearance. You can find Crypto Jebb’s new video below.
Bitcoin Breaks New Ground
Bitcoin has exhibited a bullish trend, recently breaking above the $70,000 mark, which Jebb says could lead to renewed all-time highs. “Bitcoin broke above $70,000 yesterday leading it into a major breakout that could lead us back to all-time high and much farther to the upside than just that,” he emphasized.
Binance Sets New Records
Binance coin (BNB) has also entered a strong upward momentum, topping its previous bull market all-time high of $671.78. “We’ve also seen Binance pass the 100 billion market capitalization mark with this news, making it the fourth $100 billion cryptocurrency in the history of the entire cryptocurrency space,” Jebb articulated. Binance’s resurgence continues despite Changpeng Zhao’s recent resignation.
Technical Indicators Bolster Bullish Sentiments
- Bitcoin has shown significant support at the 20-day exponential moving average (EMA). “With us falling back down to the 20 daily exponential moving average, that gives us a springboard from which we can bounce and rally,” Jebb noted.
- The MACD (Moving Average Convergence Divergence) indicator has crossed bullish as well, a proxy for optimistic market sentiment. “When you see the MACD crossing bullish, where the MACD line is crossing above the signal line, that means that the market is switching to be in a bullish state,” said Jebb.
Altcoins on the Rise
Not just Bitcoin and Binance, but several other altcoins have started to rally. Solana (SOL) is trading at $171, reflecting promising prospects for the altcoin market. Jebb observed, “Caspa sitting at 19, it is up 37% in the last 7 Days sitting at a $4.5 billion market capitalization. If you look at the all-time high that is the all-time high.” Altcoins appear to be following a domino effect, each rally triggering subsequent moves in other digital assets.
External Market Factors
- The S&P 500 is witnessing a rally, which historically correlates positively with Bitcoin’s performance. “The United States S&P 500 is currently trading at 529. We briefly fell below 524 for about a day and a half. We’re now breaking back up above that,” Jebb stated.
- The dollar currency index (DXY) shows a steady decline, adding to the bullish outlook for the crypto market. “The measurement of the strength of the United States dollar has been declining over the last couple of months,” Jebb analyzed.
Community and Future Outlook
The audience in the chat remains highly optimistic about Bitcoin’s near-term potential. Polls indicate that over 90% believe Bitcoin will break its all-time high within the next four weeks. Jebb summarized his viewpoint: “It certainly seems to me and to the analysts that a major breakout is going to be coming very soon.”