Bitcoin was trying its best to pass the $47k limit, and it did yesterday, adding almost $3k into its price after yesterday’s low, and Ethereum, on the other hand, is trading at $1700. Despite this improvement that has come to the crypto market after such a long time has added to Bitcoin’s overall price, would it be enough? Would bitcoin be able to hold it for long or not? Only time will tell, and of course, the data charts of the crypto market and Bitcoin’s trading, but it sure is a breath of fresh air for investors and the crypto market in general.
Other altcoins, especially Ethereum that comes right after Bitcoin having the second largest market cap in the crypto world, also saw a bump in its price where it did increase to $1700 while being bottomed to a $1440 price tier for so long.
Hide and Seek of Bitcoin and its Price Drops along with Bumps
Bitcoin’s price did take a tumble in Wednesday’s trading, where it potentially hit rock bottom, dropping $7k in a single day after breaching the $52.5k price level simultaneously. Since then, Bitcoin couldn’t become successful in breaching the $50k tier until now. But that too wasn’t easy as a rejection within the crypto market didn’t allow Bitcoin to cross the $50k price tier, and it settled for $47k.
But then again, we are referring to the volatility of the crypto market. For that reason, the situation has changed quite fairly in the past few hours, where Bitcoin’s price didn’t only break the $50k tier. Still, it is now safely trading at $50,870 and above, which is truly a remarkable accomplishment after these consistent price tolls and stuff.
This was among the first obstacles that Bitcoin as a cryptocurrency had to face, and now when it is successfully overcome, the next resistance points lie in between the $52-$52.5k. If broken through this resistance decisively, Bitcoin would only see a consecutive rise, maybe hitting the $60k mark with a few price drops along the way, settling for the volatility that the crypto market offers. That is, if it breaks the currently settled resistance, and even if it does or not, only time will tell.