Crypto Flipsider News — BTC Above $23k, ETH Leads Rally, Cardano Leads Development, Celsius Mining Plan, BNP Paribas Crypto Custody

Read in the Digest:

Bitcoin Reclaims $23K, Looking to Break Above Long-Term Pricing Models

Fantom and NEAR Protocol Join ETH as Big Winners of the Layer 1 Rally

Cardano Ecosystem Leads Development Activity Ahead of Ethereum and Polkadot

Celsius Says Bitcoin Mining Operation will Help in the Repayment of Loans

BNP Paribas Looking to Launch Bitcoin, Crypto Custodial Services

Bitcoin Reclaims $23K, Looking to Break Above Long-Term Pricing Models

Over the past few weeks, the price of Bitcoin (BTC), the world’s largest crypto, has hovered around $17-$20K, putting an end to the eight-month-long bear cycle. However, in the last few days, BTC began showing strength as it consolidated above the $22k mark.

Continuing the uptrend, the price of Bitcoin has now blitzed past $23,800 for the first time since June 13. Bitcoin is up by 7.5% over the last 24 hours and 27% in the last seven days as the bulls hold on strong.

The 24-hour price chart of Bitcoin (BTC). Source: CoinMarketCap

The 7D price chart of Bitcoin (BTC). Source: CoinMarketCap

Data from Glassnode suggests that the rally could be the start of a bull run. According to Glassnode, Bitcoin is in the process of breaking above three long-term pricing models: the 200-week moving average, realized price, and long-term holder RP.

If this happens and the bulls maintain momentum, Bitcoin would be looking to target its previous supply zone at $30k. However, before hitting $30k, Bitcoin will need to break the $28k region, which has proven to be a strong resistance zone.