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Bitcoin Price Bounces Up Again, Can Cardano And Ethereum Keep Up?

The bitcoin (BTC) price reached the lower zone of the current price range yesterday. It was to be seen whether the price would fall this time. At the time, many traders expected that bitcoin would indeed continue to fall, as evidenced by the number of shorts open on crypto exchange Bitfinex.

Bitcoin (BTC) Shorts on Bitfinex at 2 Yearly Highs

Bitcoin hit a low of $30,173 yesterday morning and again the price has visited support near $30,000. However, the current low is slightly higher than the previous low and the price eventually rose in value over the past 24 hours. At the time of writing, the price of bitcoin is already $33,308 on Coinbase.

As expected, the price is now encountering resistance at the 50-Moving Average (MA) on the 4-hour chart. The move above 10% is actually the reverse of what many shorters expected. On Bitfinex, the number of short positions reached a biennial high. After the increase, the number of short positions has again been reduced considerably. If the bulls manage to break the 50-MA, the next obstacle lies at $35,000.

Altcoins up, but not as hard as bitcoin

And as so often the altcoins follow bitcoin in its footsteps. However, where bitcoin is in the plus with 10.3%, the altcoins in the top 10 rise less quickly. Ethereum (ETH) is up 8.2% to $1,873 and Binance coin (BNB) is up 6.4% to $283. Cardano (ADA) is seeing its value increase by a similar percentage and is now worth $1.29. All in all, bitcoin is the hardest riser of the top 10.

However, in the top 100 there are always some more volatile coins. For example, we see celo (CELO) still up 23.6%. Compared to a week ago, CELO is even 73% in the green. Other hard gainers are harmony (ONE) with +18.3% and solana (SOL) with +14%.

The total market capitalization is again above $1.3 trillion due to all the increases. However, it can be seen that bitcoin is gaining ground again on the altcoins. Bitcoin dominance is up 0.8% and is now 47.09%.

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