Why Bitcoin Hits $62K and Prices for Pepe- Jasmy- Hedera and Brett Are Up

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The crypto market is booming, with Bitcoin bouncing back to over $62,000 after dropping to $49,000 earlier this week. It’s currently at $61,343.58, up 7.27% in the past 24 hours, and its dominance has increased to 56.42%. Meanwhile, Ethereum has risen 11.03% to $2,698.41, with a market cap of $324.75 billion, up 10.38% from yesterday.

Bitcoin’s recovery has sparked a significant rally in altcoins, boosting the total market cap of all cryptocurrencies to over $2.15 trillion. Notable performers like Sui, Helium, Celestia, Pepe, JasmyCoin (JASMY), Hedera Hashgraph (HBAR), and Brett have all risen by more than 30% from their lowest prices this month.

Bitcoin’s recent price movement shows several bullish signs. First, the coin formed a hammer candlestick pattern, a well-known reversal signal that appears during a downtrend. This pattern features a long lower shadow and a small body, suggesting a potential reversal in the market.

Second, Bitcoin has created a falling broadening wedge pattern. This pattern is characterized by an upper trendline connecting lower highs and a lower trendline connecting lower lows. Typically, this formation leads to a strong bullish breakout, especially when supported by increasing volume. Recent data shows that Bitcoin’s trading volume has been rising gradually.

Third, Bitcoin has successfully avoided a death cross by rising above the 200-day Exponential Moving Average (EMA). A death cross, which occurs when a short-term moving average crosses below a long-term moving average, often signals further declines.

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