I saw the market explode today. Bitcoin broke above 78,000 and Ethereum also followed, while the total market capitalization jumped over 100 billion dollars in just a few hours. XRP was not left behind, trading near 1.44 dollars. Basically everyone betting on a decline lost. Cascading liquidations of short positions moved the entire market, with nearly 110 million liquidated. When Bitcoin manages to break through these important resistance levels, the chain reaction is instant.

What caught my attention was the decreasing selling pressure. On-chain data shows that inflows to exchanges have dropped significantly, which usually means that hodlers are holding rather than preparing to sell. This gives strength for the upward movement to continue. Additionally, there was a comment from the Federal Reserve about a possible pause in rate hikes, which eased the tension. With the macroeconomic scenario improving a bit, people started buying risk assets again.

Ethereum rose above 2,000 and pulled altcoins along with it. Solana, BNB, and XRP will rise further as Bitcoin’s momentum continues. The altcoin season index is still low, but when Bitcoin is moving like this, altcoins usually catch the wave. If Bitcoin can hold above 72,000, the next resistance is up near 80,000. But if it can’t sustain that, support drops back to around 68,000. For now, the market is in risk-on mode, which favors those buying crypto.