Bitcoin (BTC) faced $ 35,000 resistance on Tuesday as bullish momentum began to emerge across the cryptocurrency.

1-hour light chart BTC / USD (Bitstamp). Source: TradingView
BTC price target is high
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD hit a 24-hour high of $ 35,780 on Bitstamp on Tuesday.

The pair added 4.5% on the day, restoring confidence in traders who had previously feared another major correction in the market.

As reported by Cointelegraph, the weekend was a story of Bitcoin’s transformation from poverty to wealth that went back to $ 30,000 to make a fantastic comeback this new week.

There was now no compelling reason for popular retailer Crypto Ed to show doomsday for BTC price action.

In his latest update, he argued, “The current BTC bears are the same people who were convinced that BTC fell below $ 10,000 in September 2020.”

According to an analyst at Rekt Capital, the recent close of the week hid the possibility of a continuation of the trend.

He summarized, “Significant price strength has stabilized at the big weekly support level for Bitcoin.”

“This is the seventh straight week that he can confirm this $ 34,500 level as support.”

Weekly BTC / USD candlestick chart with dedicated support. Source: Rekt Capital / Twitter
Analysis of order history data on Binance, the largest exchange by volume, showed that there was still strong support at $ 30,000, but less buying interest between that level and the spot price of around $ 35,500.

On the other hand, sellers remained at $ 37,000 and $ 40,000.

BTC / USD buys and sells positions on Binance. Source: Material Indicators / Twitter.
Tips for returning to the “alternate season”
Meanwhile, altcoins have been looking to capitalize on Bitcoin’s newfound power, which largely outperforms BTC’s daily earnings.

Ether (ETH), the largest altcoin by market value, is up 9% at time of writing and is trading around $ 2,200.

RELATED: Active Bitcoin Miners Are Now ‘Incredible’ Sellers Thanks to Increased Profits – Data

Traders were eagerly awaiting the possibility of renewed momentum from the “alternate season” should Bitcoin increase losses or provide more cautious gains.

“I look good so far,” Scott Melker told his Twitter followers.

The rise in bitcoin prices and the dominance of bitcoin are falling. The perfect scenario right now for a change. ”
On Tuesday, the dominance of the market value of bitcoins reached 46%, declining slightly, while the total market value of the cryptocurrency reached $ 1.455 trillion.

Source: CoinTelegraph