Cryptocurrency market sees relief rally as clouds clear

  Cryptocurrencies rallied across the board on Monday as the US dollar rallied and US stocks climbed to record highs as investors are likely divided the outlook for one after President Biden's impending proposal to max out capital gains taxes Congress seemed to cheer -income Americans. The positive outlook is also supported by the expectation that the Federal Reserve will remain accommodative with the world's largest economy rapidly recovering to pre-pandemic levels. Investors will be watching corporate earnings and US economic data this week to see if actual results warrant high valuations in the private sector. Risky assets were positive for the past 24 hours after Asian bargain hunters increased crypto trading activity significantly on Monday morning. Bitcoin (BTC) is consolidating near $ 54,000 after breaking initial resistance levels and appears to be building momentum towards $ 55,000, which may pave the way for even higher levels this week. There is a possibility of a spike again above $ 55,000 if it manages to hit the main resistance level at $ 54,000. $ 52,000 remains an important level of support should the trend weaken. Ethereum (ETC) is up over $ 2,500 while Ripple (XRP) saw a surprising surge from $ 1.11 to over $ 1.42. Among the other variable price digital currencies in Big Cap 10 are Binance Coin (BNB) $ 532, Cardano (ADA) near $ 1.24, Dogecoin (DOGE) $ 0.26, ChainLink (Link) $ 35, Stellar (XLM) $ 0.5. Litecoin (LTC) $ 245 and Vechain (VET) $ 0.19. Dogecoin (DOGE) is the only company that has underperformed significantly in the past 48 hours. President Joe Biden is due to deliver his first major address to Congress on Wednesday night and is expected to explain his proposal to significantly increase taxes on wealthy Americans he can pay on social programs like childcare in last year's election campaign. Universal Pre-K, Tuition-Free Community College, and Paid Family Vacation. White House economic adviser Brian Deese said at a news conference the proposal is backed by research that has found no evidence that increasing capital gain rates would hurt long-term investment in the economy. Although the cryptocurrency rally brought relief to digital coin holders, investors can sometimes misinterpret bear market rallies as markers for the end of a bear market. Therefore, such rallies must be treated with caution. Bear market rallies occur when, with the long-term bearish outlook intact, assets suddenly surge above 10% to 20% over days and weeks before returning to new lows. In this regard, technical analysis continues to show a bearish trend for the coming weeks.

Risk Warning: Cryptocurrency is an unregulated virtual notoriously volatile asset with a high risk. Any news, opinions, research, data or other information contained on this website is provided for reporting purposes as general market commentary and does not constitute investment or trading advice.

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https://thedailytradingnews.com/2021/04/27/cryptocurrency-market-sees-relief-rally-as-clouds-clear/

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