Bitcoin and Altcoins Reversal: The cryptocurrency market experiences a miraculous overnight recovery in Bitcoin of 4.18% in just 8 hours, following a severe negative extension to the $53,500 level. Bitcoin and altcoin short positions of $134 million are liquidating, which is boosting recovery sentiments.
The decline comes to a stop as the weekend approaches, but the immediate sell pressure from the $2.7B payoff from Mt. Gox is still a concern. Bitcoin and Altcoins Reversal: The news of the German government’s continued sales, a 7.5% tax on fees for Nigerian traders on Kucoin, and increasing liquidations just add fuel to the fire of the already tumultuous market conditions.
The altcoins, meantime, have soared after the overnight discovery of substantial demand at lower prices in Bitcoin. Overnight, the altcoins sector soared from $850B to $914B, even as the market value dropped below $1 trillion.
A ray of hope suggests a rebound next week, as major cryptocurrencies including Ethereum surged. Just when the market seems to be about to hit rock bottom, will Bitcoin and altcoins keep on rallying? Let’s do some research on the crypto market’s most popular altcoin price charts, including Bitcoin’s.
Biggest Crypto Bitcoin Bottoms Out?
The daily chart shows a string of three bearish candles, which causes the price of Bitcoin to fall to $56,000. From the $71,000 level down to the $56,500 level, the continuous correction has accounted for 20% in the past 30 days.
As the price of bitcoin continues to rise from the $52,000 level, it forms a long-tail candle, which indicates the formation of a new resistance trendline. Sideline players are prepared to purchase the drop as the cryptocurrency shows enormous demand at lower levels, recovering 4.15% within 8 hours.
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The market is hinting at a bottom with this purpose and the liquidation of short positions of $52.92 million in Bitcoin alone. The overhead trendline may see another try at a breakout if the morning star or sideways shift occurs at $56,500.
The Biggest Altcoin Ethereum Resurfaces Above $3,000
As the price of ETH breaks below the long-term support trendline, the upward consolidation that had been in place comes to an end. Bitcoin and Altcoins Reversal: Ethereum recovers and reclaims the $3,000 milestone as Bitcoin recovers, even though it fell to the $28,64 level.
With an intraday rise of 0.99%, the biggest altcoin is currently trading at $3,010. Retesting the broken trendline with a rise to $3,250 could be in the works, as hinted at by the lower price rejection.
With Solid Support At $125, Solana Eyes $150
When the market crashed, the SOL price made a small recovery and is now testing the $125 support area again. Bitcoin and Altcoins Reversal: Nevertheless, since the support trendline on the daily chart was broken, the altcoin has been struggling to recover above $153.
The next possible objective for this altcoin might be the $153 level, as the lower price rejection at $125 starts another upcycle. Solana, the fifth largest cryptocurrency by market size at $57.28B, has a potential upside of $250 according to the daily chart’s Fibonacci levels.
Struggle Continues For Ripple And Cardano
The altcoins rebounded overnight, even though Ripple and Cardano both fell to $0.38 and $0.31, respectively. With the distance to the $1 target expanding every week, the current ADA/XRP trade price is $0.355 and $0.433 respectively.
The Top Performing Altcoin: Toncoin
Toncoin has recovered fast from the market crisis, increasing 7% in the past 24 hours and 4.99% intraday. Bitcoin and Altcoins Reversal: The TON price pattern, which resembles a morning star, suggests that the price may rise again, this time surpassing the broken trendline.
Toncoin is targeting a price surge to $8.96 next week based on trend-based Fibonacci levels, with a current price of $7.58. The market conditions, however, will play a pivotal role in determining the subsequent upswing phase.
Conclusion
Altcoins are stealing the spotlight and enthusiasm from Bitcoin as the largest cryptocurrency is making a comeback. However, Prices could be pushed lower by any forthcoming supply from the Mt.Gox payout, which could undermine and perhaps surpass the correction week.
Also Read: 101crypto.co.uk
