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A Bitcoin breakout appears likely as the king of cryptocurrencies surpasses $71,500. Various altcoins are following suit, with Injective Protocol (INJ) and Binance Coin (BNB) being the best of them.
Bitcoin breaks waiting for daily confirmation
The long-awaited Bitcoin breakout appears to finally be happening. On this day, $BTC rose 1.6% and is currently trading at $71,600. Breaks have been confirmed on a 12-hour basis so far, and it is only a matter of time before we see a candle close above $71,300 on a daily basis.
Still, hitting the all-time high of $73,600 is no small feat, but BTC price is now just 2.9% away from doing so. Of course, as Shakespeare famously said, “often the cup and the lip are twisted.” There could be a number of reasons why the current breakthrough could be reversed. That said, at least for now things look good.
Source: TradingView
As $BTC breaks away from weeks of cumulative price action, the altcoin market will not be left behind. This is especially true for some of the top fundamentally sound altcoins.
$INJ Breaks Out After Long Accumulation Period
Source: TradingView
INJ (Injection Protocol) is one of these. The accumulation period of $INJ has been testing for token holders. After reaching $44 in mid-December 2023, the price trended sideways for 12 weeks, soared to $53, then fell back to $24, and remained in a sideways trend for 7 weeks. It looks like the $INJ price may finally break through, but a weekly candle closes above the trendline to confirm this.
$BNB dominates $BTC.
Source: TradingView
Binance Coin (BNB) has enjoyed great success over the past few weeks and months, even giving Bitcoin a full run. This week, the price of $BNB surged significantly, hitting an all-time high of $700. Of course, we will need to close a candle above this level later this week to confirm a breakout, but if this happens, $BNB will enter price discovery and a significant portion of the bull market will potentially still remain in play. , there is no telling how high this coin will rise.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
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