All of this is making Bitcoin bullish enough to break out past $143,000, which may be triggering a bigger crypto bull run with Bitcoin leading the way. Ethereum is showing a bullish pattern with a golden cross. In contrast, Hyperliquid has been responsible for a large share of the revenue and trading volume.
Bitcoin recently blasted through the upper level of the cup-and-handle pattern. Now, it is threatening to finally bust above its 8-year long resistance trendline. In the event of a move above this trendline, this would indicate a much bigger bullish move for the cryptocurrency market.
Bitcoin's Bullish Indicators
BTC/USD’s opportunity for a violent move upwards to $143,000 comes courtesy of its rise above the upper extreme of the cup-and-handle pattern. This technical pattern is indicative of a very bullish trend. The cryptocurrency’s nearness to shattering above the 8-year resistance trendline only adds more strength to this bullish prediction.
Should Bitcoin manage to break this persistent long-term resistance, a bullish wave could be sent through the entire crypto ecosystem. Investors and analysts are closely monitoring these developments, anticipating a potential surge in Bitcoin's value and its positive impact on other cryptocurrencies.
Ethereum's Golden Cross
Ethereum creates golden cross pattern Ethereum on the daily trading chart. This very positive signal occurs when the 50-day moving average crosses over the 200-day moving average. This pattern hints at an ETH bullish breakout in the future.
A persistent break above the golden cross zone might bring the 50% retracement level at $11.97 into play. This technical indicator is considered a bullish development for ETH’s price path.
Hyperliquid's Impressive Growth
Hyperliquid, a new orderbook-based decentralized exchange, has proven to be a new contender in recent months with triple-digit growth. In May, Hyperliquid reached $65.5 million in monthly revenue, up from $43.3 million in revenue during April.
In fact, in the last month, the protocol facilitated more than $245 billion in trading volume. This recent surge is a testament to its increasing popularity among traders. On top of that, the protocol has settled more than $92.8 billion in TBL, producing $95 million in fees in May.
The top edge of the flag is $2,743 and the bottom edge is $1,386. That measured move of the flag only takes us to $1,357. Together, these numbers underscore the platform’s strong usage and increasing dominance within the decentralized finance (DeFi) arena.
