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.