Not much has changed since the minor correction yesterday. The bitcoin (BTC) price is still in the USD 30,000 range with the bulls still failing to break the midline of the Bollinger Bands. At the same time, most altcoins are still showing red numbers. Two green bright spots can still be seen in the top 10.
Is bitcoin (BTC) cautiously bottoming?
If we look at the bitcoin price, we see that the price dropped to a local low of $ 33,500 last night. Here a nice increase in trading volume was seen and the exchange rate was bought up again from this price level. With this, the price of bitcoin is now $ 38,000 on crypto exchange Coinbase.
The price is now at a fairly important point, which is just below the centerline of the Bollinger Bands on the 4-hour chart. A breakthrough through this line could be a positive sign for a further recovery. Bitcoin fell through this on May 10 and has been trading below it ever since.
Should the bulls be able to break through in the next few hours, the next major obstacle will be at $ 42,000. Another drop is forcing the bulls to defend support at $ 33,500 (last night’s local low) again.
Cardano (ADA) slightly in the plus
In addition to that bitcoin has managed to make a small bounce since the movement last night, cardano (ADA) has also risen nicely today. ADA is up over 5% and is now worth $ 1,5460 on Binance. Within the top 10, the rest of the altcoins are currently colored red.
With this, bitcoin is also able to regain some ground on the altcoins. Bitcoin dominance has risen 1.6% over the past 24 hours to 45%. The current market situation feels uncertain to many. Not for the Dutch analyst PlanB. According to his model, the current situation is “a rare buying opportunity.”