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The ICP token is currently up on its largest candle after following the trend of its nine bullish candles on the daily chart. Despite Bitcoin’s mood swings that saw it trade below the $30,000 price level yesterday, the Internet Computer token showed unwavering resilience as it maintained its bullish streak.
Crypto day traders and analysts searching for trade opportunities of a major retracement from the ICP token had their mouths open in disbelief as bulls were sweeping off shorts. But while bulls enjoy their fair share, how long can this move be sustained? Will there be a blow-off soon?
ICP Bulls Profit From Bitcoin Rally
In the previous week, Bitcoin showed strength and position as alpha crypto as it rallied past sub $30,000 regions and touched $31,000.
Several Altcoins, including ICP tokens, had a fair share of the cake and rallied pulled up by BTC. However, it seems that the Internet Computer Token had a larger share as it has produced nine consecutive bullish candles, with today’s candle looking prime for a bullish close.
Crypto data insights from Coinmarketcap showed the ICP token gaining 10.78% against its BTC pair as of today’s writing. At a current price of $6.80, the Internet Computer token has a trading volume of $100 million, a 24.82% increase over the last 24 hours.
While this is an interesting outlook for the token, it is important to note that it is at a crucial resistance level of $6.79. Failure to break resistance will result in a price retracement and the end of its bullish streak.
If a retracement truly occurs, then the support area at $5.99 will be a good sitting point for ICP bulls to gear up for another run.
ICP support and resistance levels on the daily timeframe| Source: ICPUSD on TradingView.com
CKBTC Fully Integrated On Internet Computer
A recent post on the Internet Computer medium page shows that ckBTC, a synthetic version of Bitcoin, has been fully integrated into its platform.
ckBTC, an acronym for Chain-Key Bitcoin, acts as a Bitcoin twin that enables secure, fast, and low transaction fees on the Internet Computer ecosystem.
To achieve interoperability and security, Internet Computer has launched ckBTC to provide truly decentralized services to its users and customers.
The post also had a clear statement regarding ckBTC as a more ‘cryptographically secure alternative to cross-chain solutions such as wrapped Bitcoin and bridges, which otherwise pass through centralized custodial platforms prone to hacks and exploits.
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One crypto analyst says this is bullish news for the ICP token and could further impact its price in the coming weeks.
Chart from Tradingview