After another sharp drop to $ 47,500, Bitcoin has regained some of what it lost, and is currently trading around the $ 50,000 price line.
Most altcoins have also rebounded since yesterday’s carnage, with Ethereum approaching $ 2,300 and BNB rising above $ 500.
Will Bitcoin finally recover the $ 50K level?
Last week did not go according to the bitcoin bulls’ plan.
Last Sunday, Bitcoin dropped to $ 51,500.
For a few days the currency paused in retracement attempts, as the bears took control and pushed the currency down further.
That led to another big drop, this time from over $ 55,000 to a daily low of $ 47,500 (on Bitstamp).
This became the lowest BTC price in nearly two months.
Bitcoin’s reaction has been fairly positive.
Bitcoin has gradually recovered nearly $ 2,500 in value and is now on the threshold of $ 50,000.
However, Bitcoin’s market value is still under $ 1 trillion.
Technically speaking, the lowest level recorded yesterday was at $ 47,500, which is the first significant support in the event that BTC continues to decline.
Bitcoin’s next support is located at $ 47,000 and $ 45,950.
Whereas, if Bitcoin recovers the $ 50,000 decisively, the next lines of resistance that it will have to overcome to resume the 2021 uptrend are $ 52,000, $ 53,500 and $ 54,120.
Alternative digital currencies in green:
Alternative digital currencies suffered more from their leader yesterday with dramatic price drops.
However, they have rallied with more power than Bitcoin since then.
Ethereum dropped to just over $ 2,100, but rose to nearly $ 2,300.
BNB sank under $ 500 but added 8% of value and is currently standing above $ 510.
Ripple fell below $ 1 for the first time since early April yesterday but is up 9% and is currently standing at $ 1.12.
Cardano (15%), Bulcadot (8.5%), Litecoin (3%).
The price of the “Dogecoin” coin fell below $ 0.20, after which the coin rose by 25%, bringing the coin’s value to $ 0.28.
DOGE remains the 7th largest cryptocurrency by total market cap.
As a result of the aforementioned developments, altcoins made significant gains against Bitcoin and reduced its dominance to just over 50%.