By Shelly Melancon (Switzerland)
The past few days has witnessed a huge instability in the crypto market. Bitcoin in particular has been the major cryptocurrencies to experience these price fluctuations. In the past week, Bitcoin’s price rose to a record high of nearly $60,000, only to see it’s price drop massively to $45,000 and then to $44,000. However, the price has become more stable again, with the price of Bitcoin climbing once again to a figure around $46,000.
Bitcoin Price Rebounds and Resistance
After falling below it’s record high of $58,000, Bitcoin price plummeted to $47,000, before rebounding above $50,000. The price initially proved to be a good sign for bullish traders but it took a bearish turn again, falling below $45,000. With these rises and falls of the price of Bitcoin, resistance levels were set at different points. However, with the current rise in the price to $46,000, the new resistance level has been set for $46,000 with an eye for future increases.
Timeline of The Price Spikes
The bears have had a tight grip on the price of the world’s leading crypto for the past couple of days, pushing the price to its lowest since the past couple of weeks. It has been suggested however, that the reason for this downward trend was because BTC miners disposed off their coins when they observed the initial downward movement.
Also read:However, these miners have lent in their support once again with the price bouncing back up and adding nearly $3,000 in value and moved up to $47,000 before retracing slightly and settling for around $46,000.
From the technical angle, it is expected that the price will take a bullish turn, and is projected to reach up to $50,000 again. However, should the price go south again, it is not expected to go below $42,000.
Other Crypto Assets
Bitcoin is not the only cryptocurrency experiencing dips in it’s price. Other cryptocurrencies have in recent times experienced worse, with Ethereum dropping down more than 30% below its previous high of $2,000 down to $1,300, before rebounding to around $1,400.
Other crypto assets have also experienced gains after initial losses. Polkadot was among the highest gainers with a 9% increase in its price taking it to $34. Other crypto assets that have seen a surge in their prices are Binance Coin, Cardamom, Litecoin, Ripple and Chainlink. With these rises in the price of Bitcoin and other crypto assets, the crypto market cap once again rose up above $1.6 trillion.
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