After dipping by roughly $5,000 in a day, bitcoin has reclaimed some ground and has returned to about $58,000. Most altcoins also suffered yesterday but have shown early signs of recovery, and the crypto market cap has jumped back to $1.8 trillion.
Bitcoin Attempts After-Weekend Recovery
The primary cryptocurrency entered the weekend at around $58,000, following another brief dip to $56,000. Saturday went on to be unusually uneventful price-wise for the asset, but Sunday didn’t go all that well for the bulls.
The latest rejection at the coveted $60,000 price mark drove bitcoin south to an intraday low of $55,500 (on Bitstamp). After losing nearly $5,000, though, BTC fought back by recovering over $2,000 and sits shy of $58,000.
The technical indicators suggest that the first resistance line in bitcoin’s way up is situated at $58,355. Should the cryptocurrency overtake it decisively, the following obstacles are $60,000 and the all-time high at $61,780.
Alternatively, bitcoin could find support if the price slips again at $55,465, $53,500, $52,500.
Cryptocurrency Market Overview. Source: Quantify CryptoStable Altcoins; THETA Nears Top 10
The majority of the alternative coins also slumped in value yesterday, which led to an $80 billion loss for the crypto market cap. Since then, though, most have calmed and even showed slight recovery signs.
Ethereum dropped to $1,750 but has bounced off and currently stands just beneath $1,800. Binance Coin has also calmed around $265, while Polkadot and UNI have marked minor gains.
In contrast, Cardano, Ripple, Litecoin, and Chainlink are slightly in the red still.
THETA is among the best-performing large-cap altcoins with a 16% surge in a day and 50% …
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