Bitcoin (BTC) dawns on Wednesday (11) traded at above US$ 46,000 in a new attempt to surpass US$ 47,000.
The BTC hovers around the range of $45,671 and $46,262 since it rose from $43,000 on Monday (9). After a slight retreat yesterday, the price remains stable and is quoted at US$ 46,106 this morning.
On the other hand, Bitcoin stability made room for a strong altcoin rally since yesterday, which intensified during the night.
Axie Infinity shoots 60% and sets new record
The highlight was again the AXS, Axie Infinity’s governance token. After repeated highs in July and an important update this week, the asset recorded another shot and reached a 60% appreciation in 24 hours, to a new historical high of US$ 74. With this, the currency has already accumulated a high of 268 ,7% in just 30 days.
Right after that come three cryptocurrencies with an increase of another 25% on the day: Ravencoin (RVN), which was already rising yesterday, quoted at US$ 0.167377; Holo (HOT), currently trading at US$0.01120898; and Helium (HNT), which had been recording losses and returned to the level of US$ 18.06.
Cardano (ADA) is also highlighted after advancing almost 20%, to US$1.77, followed by Terra (LUNA), with a gain of 16.7% to US$16.91. Furthermore, BitTorrent (BTT), Polygon (MATIC) and Kusama (KSM) advance between 13% and 14% in the last 24 hours.
For now, only three tokens have fallen among the 100 with the highest market value: Internet Computer (ICP), BitClout (CLOUT) and Voyager Token (VGX), with setbacks between 1% and 6%.
What to expect from Bitcoin
According to analyst Valdrin Tahiri, the BTC is trading confidently at the moment and may even test resistance near $47,000 soon – more specifically, between $46,800 and $47,800.
If the price rises and stabilizes at this level, the cryptocurrency would give a strong indication that this level would go a long way towards indicating that the trend is still up.
The way there, however, should not be an easy one. The six-hour chart shows multiple bearish divergences, technical patterns that indicate weakness in bullish momentum.
For the analyst, the data shows that the zone of US$46,800 and US$47,800, in the end, could be a local top of the movement.
If this is confirmed, Bitcoin could fall back to support levels at $39,900 and $37,770 before preparing a further rally.
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