Bitcoin (BTC) breaks out and altcoins follow
The Bitcoin breakout looks to be happening, as the king of the cryptocurrencies gets above $71,500. Various altcoins are following suit, and Injective Protocol (INJ) and Binance Coin (BNB) are chief among these.
Bitcoin break awaiting daily confirmation
The long-awaited Bitcoin breakout finally appears to be happening. Up 1.6% on the day, $BTC is currently at a price of $71,600. The break has confirmed on as high as the 12-hour time frame so far, and it is just a matter of time now until a candle close can confirm above $71,300 on the daily time frame.
There is still no small matter of breaking the all-time high at $73,600, but the $BTC price is now only 2.9% away from doing this. Of course, “there is many a slip twixt cup and lip”, as Shakespeare famously said, and there could be many reasons for this current breakout to reverse. With that said, things are looking good, at least for now.
Source: TradingView
With $BTC breaking out of several weeks of accumulative price action, the altcoin market is not going to be left behind, especially some of the top, fundamentally sound altcoins.
$INJ breaking out after long accumulation period
Source: TradingView
Injective Protocol (INJ) is one of these. The accumulation period for $INJ has been a trial for holders of the token. After reaching $44 in mid-December 2023, there followed 12 weeks of sideways price action, a spike to $53, and then a step back down to the $24 level, and a further 7 weeks of sideways. The $INJ price looks to be finally breaking out, although a weekly candle close above the trend line would be needed to confirm this.
$BNB front-runs $BTC
Source: TradingView
Binance Coin (BNB) has been so successful these last few weeks and months that it has even front-run Bitcoin. This week saw a huge price surge from $BNB that broke its all-time high of $700. Of course, a candle close will be needed above this level at the end of this week in order to confirm the break, but if this does occur, $BNB will enter price discovery, and with much of the bull market potentially still left to run, there’s no knowing just how high this coin will go.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
