Following a bloody weekend and a fall to $43,000, Bitcoin (BTC) has bounced off and has added about $4,000 to its value. Most altcoins have also reacted positively after yesterday’s lows, with Ethereum (ETH) above $1,400 and Binance coin (BNB) to $220.
Bitcoin Spikes Above $47,000
The past week didn’t go well for the flagship cryptocurrency as the bears had tight control and pushed the price south. Yesterday was no exception as Bitcoin kept gradually falling in value, which resulted in a low of just over $43,000 (on Bitstamp). This was the lowest price tag bitcoin had seen in over three weeks.
Moreover, reports emerged that Bitcoin miners had disposed of their coins, which was the main reason behind the price momentums.
The situation looks 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 key 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
Altcoins in Green; Ethereum North of $1,400
Most alternative coins also suffered in the past week or so. Ethereum, which marked a new all-time high above $2,000 less than ten days ago, dropped to $1,300. After this 35% price fall, though, ETH has regained some value in the past 24 hours and trades at $1,430.
Finally, the cumulative market cap of all crypto assets has added $90 billion since yesterday’s low and is above $1.4 trillion.