Bitcoin price appears to be gaining bullish momentum, recovering to the $ 57,000 zone, some Altcoins recorded an increase of 30%
A wave of selling dominated the crypto market on April 7 after Bitcoin price plunged below $ 56,000. However, at press time, BTC is recovering in the $ 57,000 zone but still recording a 2% decline on the day.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price appears to be gaining bullish momentum after BTC bounced off the lower Bollinger Band
The market-wide sell-off resulted in a liquidation of $ 1.4 billion, and some analysts suggest it could be the last sweep for long-term traders over-earning before Bitcoin could go even higher to $ 70,000.
One sign that the market has risen over the past week is a rapid rise in the Kimchi price, followed by a 7% drop in BTC price on April 7 as traders worried that it could signal a peak. school.
Despite the market downturn, on-chain data analysis suggests that Bitcoin could soon see a rebound to new all-time highs as whales, miners, and long-term holders take reduce or stop selling altogether and institutional demand remains high.
The stock market traded near an all-time high on Tuesday as job growth, record service sector activity and expansion in manufacturing led to unexpected optimism. stock prices go higher. Despite the positive news, the Dow and NASDAQ closed down 0.06% and 0.16% respectively, while the S&P 500 closed up 0.06%.
Several altcoins have been attempting to rise throughout the day after Coinbase revealed that they will list 1INCH, Enjin (ENJ), New Kind of Network (NKN), and Origin Protocol (OGN) on Coinbase Pro. Following the announcement, 1INCH and ENJ prices increased modestly 5% while Origin Protocol increased 10% and NKN increased 27%.
Solana (SOL) is also up 10% and Ethereum is down 7% to trade under $ 2,000. The overall cryptocurrency market cap represents $ 1.90 trillion and Bitcoin’s dominance rate is 55.6%.
You can see the BTC price here.
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