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Bitcoin Eyes $58K (Market Watch)

Bitcoin Eyes $58K (Market Watch)


Following a few consecutive days of price slumps and bottoming at $55,500, bitcoin has bounced off and jumped to approximately $58,000. Most alternative coins are also well in the green, with Binance Coin registering yet another all-time high above $420 and XRP surging back to north of $1.

Bitcoin Aims at Conquering $58,000

Following the latest rejection just before the $60,000 line on April 6th, bitcoin headed south. In the following few days, the asset lost more than $4,000 of value, which led to the lowest price level in ten days on Wednesday below $55,000 as reported.

However, the cryptocurrency showed early signs of recovery yesterday and has continued upwards since then. In two days, BTC regained about $2,500 and, despite a few fluctuations, has returned to just shy of $58,000 as of writing these lines.

According to the technical aspects, the resistance line at $58,355 is bitcoin’s first obstacle before $60,000. Only if the asset overcome both could go towards uncharted waters above $61,800.

Alternatively, the support levels at $56,200, $55,600, and $55,000 could contain it in case another sharp retracement arrives.

BTCUSD. Source: TradingView

BNB New ATH; XRP Back Above $1

Similar to their leader, most alts also felt the adverse price developments in the past few days. Ethereum dropped to $1,940 but has bounced off. By adding over $100 in value since then, ETH stands close to $2,100.

Binance Coin had a massive drop from $410 to $355 in a matter of hours. However, BNB has not only recovered all losses but went on to mark another all-time high just above $420.

Ripple also fell hard, but XRP has jumped by a double-digit percentage since yesterday and has reclaimed $1. Polkadot, Cardano, Uniswap, and Chainlink have also marked minor gains on a 24-hour scale.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More increases come from Bitcoin Gold (32%), Enjin Coin (24%), KuCoin Token (24%), Pundi X (20%), Stacks (16%), THORChain (15%), IOTA (14%), Waves (12%), Hedera Hashgraph (13%), and YFI (10%).

Ultimately, the cumulative market capitalization of all crypto assets has added $120 billion in two days and has reclaimed $2 trillion once more.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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