Bitcoin has managed to hit a high at nearly $56,000 today but has since retraced a bit and it now hovers above $54,000. However, BTC’s dominance suffers as some altcoins, including Binance Coin, have surged in the past 24 hours, and the metric is just slightly above 60%.
Bitcoin’s Stays Above $54K
Ever since the primary cryptocurrency dipped to $47,000 on March 6th, the bulls took control and pushed the asset north. In the following days, BTC firstly reclaimed the coveted $50,000 before heading for a fresh two-week high.
That last part resulted in yesterday’s intraday high at almost $56,000 (on Bitstamp). However, bitcoin failed to breach that level, and the subsequent rejection plummeted its value by $3,000 to $53,000.
Nevertheless, BTC has reclaimed some ground since that low and currently hovers above $54,000.
The technical indicators suggest that the $55,000 is the first significant resistance line in bitcoin’s way up. Should the asset overcome it decisively, the following obstacles are $56,112, $57,685, and the all-time high at $58,355.
Alternatively, BTC could rely on the support levels at $54,000, $53,000, and $52,480 in case another retracement materializes.
BTCUSD. Source: TradingViewBNB Eyes $300, While DOT Goes for $40
Most larger-cap altcoins have calmed following the past few days of turbulence in the cryptocurrency space. Ethereum stands still above the $1,800 price tag, while minor gains for Litecoin have pushed LTC near $200.
Cardano has added 3% of value and is above $1.16. Minor losses are evident for Ripple (-2%), UNI (-4%), Chainlink (-1%), and Bitcoin Cash (-1%).
In contrast, Polkadot has spiked by 7% to above $38 and has $40 in its sights. …
Story continues on Crypto Potato

Related posts
NewsNews 1RippleSocialTrading ViewXRP

Ripple settles lawsuit with YouTube for 'failing to enforce its own policies'

Ripple is in the news today after CEO Brad Garlinghouse revealed that its lawsuit against YouTube has been resolved, with the exec adding that the two parties have reached a settlement on the subject.The post Ripple settles lawsuit with YouTube…
AA NewsCrypto NewsSocialTwitter

Twitter Purge: Major Cryptocurrency Accounts Suspended

In an interesting twist of events, Twitter, the social media platform spearheaded by Jack Dorsey, one of Bitcoin’s most influential proponents, has now suspended some major cryptocurrency-related accounts. Twitter has suspended numerous accounts that are related to cryptocurrencies. Some of…

Bitcoin Undergoes Selloff After Breaching $55,000; Breakdown Ahead?

Bitcoin prices dragged lower in the early Wednesday session by daytraders who decided to secure profits following its rally earlier this week. The flagship cryptocurrency surged to a two-week high above $55,000 as of 0100 UTC, up 13.24 percent from…