The Calm After The Storm: Bitcoin Reclaims $46K Following Bloody Weekend (Market Watch)

BTCUSD. Source: TradingView

Following a bloody weekend and a drop to $43,000, BTC has bounced off and has added about $3,000 to its value. Most alternative coins have also reacted positively after yesterday’s lows, with Ethereum above $1,400 and BNB to $220.

Bitcoin Spikes Above $46,000

The past several days didn’t go well for the primary cryptocurrency as the bears had tight control and pushed the price south. Yesterday was no exception as BTC kept gradually decreasing in value, which led to a low of just over $43,000 (on Bitstamp). This was the lowest price tag bitcoin had seen in over three weeks.

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Furthermore, reports emerged that BTC miners had disposed of their coins, which was the primary reason behind the price movements.

The situation seems more positive since then as bitcoin bounced off and added nearly $4,000 of value to almost $47,000. Nevertheless, the cryptocurrency has retraced slightly and currently sits around $46,000.

This particular level is actually BTC’s first resistance line on its way up, according to the technical aspects. Should the asset conquer it decisively, the following obstacles are at $48,000 and $50,000. Alternatively, the support lines at $44,750, $44,000, and $42,760 could assist if the price plummets again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green; ETH North of $1,400

Most alternative coins also suffered in the past week or so. Ethereum, which marked a new ATH above $2,000 less than ten days ago, dumped to $1,300. After this 35% price drop, though, ETH has regained some value in the past 24 hours and trades at $1,430.

Cardano (6%), Binance Coin (6%), Ripple (3%), Litecoin (5%), and Chainlink (5%) have also pumped since yesterday. Polkadot has surged the most with a 9% increase to nearly $34.

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

More gains are evident from Fantom (35%), Ravencoin (30%), Polygon (29%), Venus (26%), Voyager Token (22%), PancakeSwap (18%), Solana (18%), Aave (18%), Maker (15%), and Reserve Rights (14%).

Ultimately, the cumulative market capitalization of all cryptocurrency assets has added $90 billion since yesterday’s low and is above $1.4 trillion.


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