Credit: Original article published by CryptoPotato.

After reaching a new two-week high of over $58,500, bitcoin has retraced slightly and currently trades around $57,000. Most altcoins have also marked minor losses on a 24-hour scale. Ethereum is among the few exceptions as ETH is closing down to $3,000.

Bitcoin Stalls Around $57K

As CryptoPotato reported yesterday, the primary cryptocurrency finally produced more decisive moves upwards. After trading in a range of around $54,000, bitcoin initiated an impressive leg up that resulted in adding $4,000 of value in a day to a high of $58,500. This became the asset’s highest price tag since the mid-April market-wide crash.

However, this is where the bears stepped in again and didn’t allow any further increases. In the following hours, bitcoin retraced by more than $2,000, resulting in a dip to just over $56,000. Despite recovering some of the losses, BTC is still more than 2% down on a 24-hour scale.

According to the technical indicators, bitcoin’s first obstacles are the resistance lines at $58,355, $59,000, and the coveted $60,000. Alternatively, the major critical support lines at current levels of $56,950 – $57,000 which is the 50-day moving average line, followed by $56,200 (20-day MA, retested earlier this morning). Further down lies $55k previous resistance turned support.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Retrace: ETH Nears $3K

Most alternative coins were on a roll lately with impressive gains and melted a large portion of bitcoin’s dominance over the market. However, they have also calmed in the past 24 hours. Binance Coin is down by 4% to just over $600 after registering its latest all-time high yesterday at around $645.

Ripple (-0.6%), Cardano (-2.6%), Polkadot (-2.3%), Uniswap (-2.6%), and Litecoin (-1%) are also in the red. In contrast, Chainlink (4.5%) and Dogecoin (5.5%) have added the most value from the larger-cap altcoins. Consequently, LINK trades above $40 while DOGE is at $0.38.

Ethereum is also in the green with a 2% increase on a 24-hour scale. ETH came just $40 away from tapping another milestone yesterday at $3,000.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

More gains are evident from OKB (45%), BakeryToken (41%), Nano (22%), Huobi Token (15%), Fantom (13%), Ethereum Classic (12%), and Solana (10%).

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost around $30 billion but has remained above $2.2 trillion.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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