While the total value of the cryptocurrency market remains above $ 1.5 trillion, BTC is once again trading around $ 50,000.
After a sharp price drop to $ 47,000, bitcoin took off and traded around $ 50,000 once again. The altcoin market is also green, with Ethereum targeting $ 1,600 and DOT targeting $ 40.
Bitcoin is 50 thousand dollars again
The leading cryptocurrency reacted quite positively after the steep price drops last week when the asset fell to $ 43,000 as the bulls intervened at this point and provided a new trajectory.
As reported yesterday, Bitcoin even surpassed $ 50,000 for a short time but was unable to continue its movement. The subsequent rejection drove the cryptocurrency back south, leading to a decline to $ 47,000 (on Bitstamp).
However, BTC bounced once again, adding about $ 3,000 in value in the following hours. As of writing these lines, the cryptocurrency is trading around $ 50,000.
In fact, technical indicators show that this particular price level is the first key resistance line in bitcoin’s rise. But after BTC resolutely overcame it could go to $ 52,500 and $ 55,000 for the next.
If another rejection comes in, the $ 47,200, $ 46,600, and $ 44,750 support levels could help.
ETH hits $ 1,600, ADA still in top 3
Most altcoins have also felt the negative price developments last week, but they have gained some interest over the past few days. Ethereum dropped to $ 1,300, but has since risen by almost $ 300 and is now close to $ 1,600.
For Cardano, a 2% increase helped ADA stay among the top three digital assets by market capitalization. It is colored green on a 24-hour scale with Binance Coin (1%) and Ripple (2.5%). Chainlink has increased by 6% since yesterday. Polkadot is up 6.5% and is trading at $ 38.