Bitcoin (BTC) has had a nice run since last night! The price rose quickly after bitcoin dipped to $ 47,044 last night. Is this the start of a further recovery?
Bitcoin (BTC) rises 15% after dip
It was already available this morning on Crypto Insiders; after BTC plunged, the price bounced sharply higher. Many short traders were culled which further accelerated the movement upwards. Bitcoin has therefore increased in value by 15% in a few hours since last night!
With this, bitcoin reaches the next important price zone that must be broken in order to realize a further recovery. The $ 54,000 is for the now obstacle on the way up. Bitcoin has not been able to break through this in recent hours and is currently trading just below this.
At the time of writing, bitcoin’s price is $ 54,650 on cryptocurrency exchange Coinbase. That’s just above the 50-Moving Average (MA) on the 4-hour chart that BTC should stay above for the next few hours. Should the $ 54,000 be broken, the next obstacle is $ 57,000. This is where the 100- and 200-MA on the 4-hour chart, the 50-day MA, and the centerline of the Bollinger Bands on the daily chart are located. So, at around $ 57,000, there could be quite a bit of resistance.
Ripple (XRP) the hardest top 10 riser
Within the top 10 we see that all cryptos can rise nicely. Ripple (XRP) is the strongest riser at the moment at 11.2% and is now worth $ 1.26. Ethereum (ETH) is up 7.5% and it is still hovering around the USD 2,500 price level. Cardano (ADA) also posted an increase of 8.1%.
The fastest risers in the market are currently polygon (MATIC) with 38% and harmony (ONE) with 37.5%. All in all, all cryptocurrencies put together are worth nearly $ 2 trillion. It is striking that the estimated trading volume on the exchanges has increased by 48% over the past 24 hours. So there seems to be some bubbling!