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Even though it was a slow day for US markets due to the Memorial Day weekend, global stock indexes climbed on Monday. The pan-European Stoxx 600 increased by 0.8% and the Nikkei 225 increased by 2.2%. Following favorable cues from international markets, the Sensex in India increased by over 1000 points and the Nifty by over 300 points.
Intriguingly, the stock market recovery was also reflected in cryptocurrencies, with Bitcoin (BTC) breaking its 9-week record for negative returns. The Bitcoin price was $31,660 at the time of writing, a 4.31 percent increase over the previous 24 hours. In the past week, Bitcoin has gained 7.85 percent.
As "great fear" lingers in the cryptocurrency market, Bitcoin investors and dealers are still uncertain as to whether this good trend will continue.
Extreme fear on the cryptocurrency market is interpreted as an indication that investors may be too concerned, but it also represents a purchasing opportunity.
According to experts, the BTC market is currently experiencing a phase of accumulation, and there are signs that the buying momentum has risen, which may cause the BTC price to rise.
"Yesterday, Bitcoin climbed 8 percent to surpass $32,000 for the first time in nearly three weeks." With the Dollar index falling to 101 and the global stock markets rallying, Bitcoin and the cryptocurrency markets also saw a positive run, according to analysts at WazirX Trade Desk.
The BTC trend continues to move within a descending triangle formation on a daily time period. The next level of BTC resistance is anticipated above $40,000 USD. Bitcoin's daily RSI has surpassed 50, indicating that purchasing momentum has grown and the cryptocurrency has exited the oversold region," they noted.
So we wanted to explore the coins to buy for the next crypto bull run.
Will Bitcoin surpass $34,000?
The leading cryptocurrency asset has been trading above US$31,000 for the previous twenty-four hours, reversing a lengthy downward trend. If the bulls retain their pace, Edul Patel, CEO and co-founder of the crypto investment platform Mudrex, believes BTC may break beyond $34,000.
"If bulls can maintain their current pace, BTC may surpass $34,000 in the coming days," Patel predicted.
"On the other hand, Ethereum's transaction fee is at a one-year low, which could help the cryptocurrency's price recover. As market players begin to return, the selling pressure eases,' he added.
Darshan Bathija, CEO and Co-Founder of Vauld, stated, "The present range BTC is stuck in has become an opportunity for many market participants, as indicated by the Bitcoin accumulation trend score from Galssnode. The score indicates that the BTC market is currently in a phase of accumulation."
