Bitcoin closed above $37,000 last week, officially recording four consecutive weeks of gains.

Bitcoin and altcoins

Recently, the Bitcoin chart has shown a growth trend. The Bitcoin price has formed a series of higher highs and higher lows, which is a classic indicator of bullish momentum. The recent rebound has pushed the price above the psychological resistance of $35,000, and the price is currently hovering around $37,250, closing the fourth consecutive week of gains.

Volume plays an important role in confirming the strength of price action. For Bitcoin, volume has been quite high throughout the bull run, indicating strong interest and confidence from buyers. Additionally, the MACD line is in bullish territory, and the relative strength index (RSI) shows continued buying pressure, but has not entered overbought territory.

Another technical aspect worth noting is the price action in relation to the moving averages. Bitcoin price is comfortably above the 50-day and 100-day moving averages, which acted as support levels during the bull run. This signal further reinforces the positive outlook for Bitcoin in the short to medium term.

Many altcoin projects recorded double-digit growth in the past 24 hours

Among the top 100 altcoins with the largest market cap, Klaytn (KLAY) is the most prominent project, with a growth of more than 30% in the short term.

Next are Celestia (TIA), FTX Token (FTT) and ORDI (ORDI), all of which rose by more than 20%. From a weekly perspective, these three projects have brought huge triple-digit results.

Avalanche (AVAX), Filecoin (FIL), Polygon (MATIC), dYdX (ETHDYDX), Synthetix (SNX), Algorand (ALGO), Optimism (OP), NEAR Protocol (NEAR), Sui (SUI)… popped up more than 10% less than the previous 24 hours.

Ethereum (ETH) also recorded its fourth consecutive weekly gain, with gains of nearly 10% over the past seven days. With the hype surrounding BlackRock's spot ETF application, ETH broke through the $2,000 barrier and officially closed above this key psychological level on a weekly basis. Currently, the price is around $2,060, up more than 1% over the past 24 hours.

(Personal opinion, not a recommendation)

The crypto market is changing rapidly, and enthusiasts need to remain vigilant at all times, pay close attention to market developments, seize opportunities, and avoid risks.

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