Crypto News Today: Bitcoin and Altcoins Reversal, Is Market Bottom In?
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Following a sharp bearish extension to the $53,500 level, the crypto witnesses a magical overnight return in Bitcoin of 4.18% in 8 hours. With $134 million worth of short positions liquidating in Bitcoin and Altcoins, the recovery sentiments are kicking back.
As the weekend arrives, the downfall takes a halt while the threat of immediate sell pressure from $2.7B worth of Mt. Gox payout looms. Amidst the volatile market conditions, news like the German government continuing to sell, 7.5% tax on fees for Nigerian traders on Kucoin, and rising liquidations add more fuel to the flame.
Meanwhile, with the overnight revelation of significant demand at lower levels in Bitcoin, the altcoins skyrocket. Despite losing the $1 Trillion market value, the altcoins sector jumped from $850B to $914B overnight.
As the Ethereum and major altcoins pumped, a fresh breath of relief teases a recovery next week. Will the bull run in the Bitcoin and Altcoins continue as the market hints at hitting the bottom?
Let’s find out more about the price charts of Bitcoin and other major altcoins in the crypto market.
Biggest Crypto Bitcoin Bottoms Out?
With a streak of triple bearish candles in the daily chart, the BTC price drops to $56,000 levels. The ongoing correction accounts for 20% in the last 30 days, starting from the $71,000 level to a bottom at $56,500.
Leading to a new resistance trendline, the BTC price sustains makes a long-tail candle as it bounces from $52,000 levels. With a 4.15% recovery within 8 hours, the crypto reveals massive demand at lower levels, and sideline players are ready to buy the dip.
With such intention and $52.92 million worth of short positions liquidating in Bitcoin alone, the market hints at a bottom. Further, with chances of a morning star or a sideways shift at $56,500, the overhead trendline could witness another breakout attempt.
The Biggest Altcoin Ethereum Resurfaces Above $3,000
Breaking under the long-coming support trendline, the ETH price rally ends the higher low formation. Despite a dip to the $28,64 level, Ethereum resurfaces above the $3,000 mark with the bounce back in Bitcoin.
Currently, the biggest altcoin trades at $3,010 with an intraday gain of 0.99%. The lower price rejection teases a potential retest of the broken trendline with a jump to $3,250.
With Solid Support At $125, Solana Eyes $150
With a relatively minor correction during the market crash, the SOL price retests the $125 support zone. However, the altcoin struggles to resurface above $153 following the support trendline breakdown in the daily chart.
As the lower price rejection at $125 restarts another upcycle, the $153 level is the next potential target for this altcoin. With a market cap of $57.28B, Solana ranks as the fifth biggest crypto and offers an upside to $250 as per the Fibonacci levels in the daily chart.
Struggle Continues For Ripple And Cardano
Despite a drop to $0.31 in Cardano and $0.38 in Ripple, the altcoins register an overnight recovery. Currently, the ADA trades at $0.355 and XRP at $0.433, with the distance to $1 target growing every week.
The Top Performing Altcoin: Toncoin
With an intraday gain of 4.99%, Toncoin is quick to bounce back from the market crash and is up by 7% in the last 24 hours. Forming a morning star pattern, the TON price trend teases a bounce back above the broken trendline.
Currently trading at $7.58, Toncoin eyes a jump to the $8.96 mark next week as per the trend-based Fibonacci levels. However, the market conditions will be crucial in deciding the next uptrend phase.
Conclusion
As Bitcoin bounces back, the altcoins siphon the sentiment and momentum in the biggest crypto to skyrocket. On the road to undermining and surpassing the correction week, any upcoming supply from Mt.Gox payout could dump the prices lower.
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