Let's get a closer look at what's going on in the cryptocurrency market at the moment now, like bitcoin and ethereum rates, and also the prices of some of the more common altcoins.
Bitcoin News
After its significant decline during the weekend, Bitcoin gained yesterday. It began a reasonable recovery wave and scaled the $45,000 and $46,500 resistance levels. The Bulls to charge and the prize broke above to scale the $47,000 level. It even broke the $48,000 resistance and eventually soared above the $50,000 level.
It formed a high close to $50,190 with initial support close to the $48,500 level. It is currently consolidating gains. The price is now trading well above $48,000 and the 100 hourly simple moving average.
Suppose it keeps up with an uptrend, likely to face a strong resistance close to the $51,000 and $52,000 levels. To keep going upside, there should be a successful daily close above the $52,000 level. If this happens, bitcoin's price might revisit the $55,000 resistance in the near term.
During BTC’s last 26% drop, which saw its price test the $43,000 level, significant signals from the derivatives markets such as the 25% delta skew moved to a neutral zone in the options market and the one-month futures contracts premium was above 1.2%. No signals were signifying a bear market anywhere on the horizon. This shows that the bulls were buying the dip during the decline.
MicroStrategy CEO Michael Saylor announced via Twitter that the firm had acquired another $15 million worth of Bitcoin, bringing its total holdings to 90,859 BTC.
Today, Goldman Sachs announced that it would restart its crypto trading desk.
Ethereum News
Ethereum also began a reasonable recovery above the $1,450 resistance zone against the US Dollar. It traded as high as $1,618 before consolidating gains above the $1,550 level. Presently, it is trading well above $1,500.
The pair is now facing a strong resistance close to the $1,600 level.
Other Altcoin News
1. Bitcoin Cash
Bitcoin Cash began the day in an increase. Its lowest point was at $496. It soared shortly after that and peaked at $542 before undergoing a minor correction. It is currently still trading above $530.
2. Ripple
Ripple's highest peak was above $0.446. Its intraday low level was below $0.431. It is still trading above $0.442.
3. Litecoin
Litecoin reached an intraday decline of $171 before beginning an increase. It hit its peak at $184 and is trading at that level.
