After facing a drop in the crypto market, the price of Bitcoin boosted and is now trading around $50,000. Ethereum and some other cryptocurrencies have also reclaimed some of their lost values. In the past day or two, the flagship coin has experienced heavy blows in the form of price drops. The price value of the leading cryptocurrency stumbled and descended below the $45,000 mark. After reaching the $58,000, all-time high price tag, the high-flying coin then plunged. However, it is expected that the value would increase in the short-term.
The technical analysts are giving positive views, and there is also talk of potential hidden bullish divergence. The bullish divergence means the end of the downtrend, which signals that the bulls can control the market again. But there are some resistances that the flagship coin has to overcome to attain a stable position, making the crypto market bullish.
The price of the primary cryptocurrency has been wobbling and stumbling for the past few days. After rocketing high to the mark of $50,000, Bitcoin’s value plummeted and touched the base of $47,000. Although, the leading crypto has regained some stability, and at one point, it even struck at $51,500. The price declined and is standing at $50,400 at the time of writing. The market cap is standing around $939 billion.
On its way up, the leading digital coin has to cross certain resistance marks. $50,000 is the initial barrier which is followed by $51,500 and $52,000. At the moment, Bitcoin is hovering around the $50,000 spot. If a sharp retracement or correction occurs, $48k, $47k, and $44,750 can be of assistance and could act as support lines for the leading crypto.
Performance of other Cryptocurrencies
As compared to the primary cryptocurrency, altcoins have suffered even worse price falls. The price value of Ethereum in the crypto market dropped from $2,040 to $1,400. But it regained its worth and is now standing at $1,690.
Binance coin descended to 200$ but recovered to reach $250, while Polkadot and Chainlink have experienced a boost in the cryptocurrency market. Also, there has been a massive addition of $130 billion in the global crypto market cap.