Following another steep decline to ,500, bitcoin has recovered some ground and currently trades around the coveted ,000 price line. Most alternative coins have also bounced off since yesterday’s massacre, with ETH nearing ,300 and BNB well above 0. Will Bitcoin Decisively Reclaim K? The past week didn’t go according to the BTC bulls’ plan. On Sunday, the primary cryptocurrency plummeted to ,500. A few days of recovery attempts were halted yesterday as the bears took control and pushed the asset even further south. This resulted in another massive drop, this time from over ,000 to a daily low of ,500 (on Bitstamp). This became BTC’s lowest price level in nearly two months. Bitcoin reacted somewhat positively. The cryptocurrency gradually recovered
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Following another steep decline to $47,500, bitcoin has recovered some ground and currently trades around the coveted $50,000 price line. Most alternative coins have also bounced off since yesterday’s massacre, with ETH nearing $2,300 and BNB well above $500.
Will Bitcoin Decisively Reclaim $50K?
The past week didn’t go according to the BTC bulls’ plan. On Sunday, the primary cryptocurrency plummeted to $51,500. A few days of recovery attempts were halted yesterday as the bears took control and pushed the asset even further south.
This resulted in another massive drop, this time from over $55,000 to a daily low of $47,500 (on Bitstamp). This became BTC’s lowest price level in nearly two months.
Bitcoin reacted somewhat positively. The cryptocurrency gradually recovered roughly $2,500 of value and currently stands around $50,000. Nevertheless, its market capitalization is still below $1 trillion.
From a technical standpoint, yesterday’s low at $47,500 is the first significant support in case BTC continues its freefall. The following ones are situated at $47,000 and $45,950.
Alternatively, if bitcoin decisively reclaims $50,000, the next resistance lines it would have to overcome to resume the 2021 bull run are at $52,000, $53,500, and $54,120.
Altcoins in Green; Gaining on BTC
The alternative coins suffered even more than their leader yesterday with massive double-digit price slumps. However, they have bounced off harder than BTC since then.
ETH plummeted to just above $2,100, but it has pumped up to nearly $2,300. Binance Coin dumped below $500 but has added 8% of value and currently stands above $510.
Ripple dropped below $1 for the first time since early April yesterday but has increased by 9% and currently stands at $1.12. Cardano (15%), Polkadot (8.5%), Uniswap (1.5%), Litecoin (3%), and Chainlink (5.5%) are also in the green.
Dogecoin dumped beneath $0.20, but a 32% surge has taken the meme coin to $0.27. DOGE remains the seventh-largest crypto by market cap.
More gains come from Dent (45%), BitTorrent (37%), Holo (31%), Voyager Token (27%), Celo (24%), Theta Fuel (23%), Celsius (20%), Compound (20%), Klaytn (20%), Nano (20%), WazirX (-18%), IOST (18%), and more.
As a result of the aforementioned developments, the alternative coins have marked substantial gains against bitcoin and have reduced its dominance to just above 50% again.