The market has made a reversal as all coins from the top 10 list are in the green zone again. Binance Coin (BNB) is the biggest gainer, rising by 27% since yesterday.
Top 10 coins by CoinMarketCap
BTC/USD
Yesterday morning, the bearish onslaught broke through the rather strong support at $48,000. The pair's decline began to slow down only around the $46,000 mark. The sellers managed to pierce this support level as well, while the daily low was fixed at $44,845.
BTC/USD chart by TradingView
In the afternoon, trading volumes dropped below average, and late at night, the pair began to recover, bringing the Bitcoin (BTC) price back above the psychological $50,000 mark. This recovery has not been supported by large volumes, so it is unlikely to see further price increases this morning.
However, if the pair can hold above the support of $48,000, then in the second half of this week one can count on the return of the BTC price to the upward channel. At the same time, the two-hour EMA55 and the rising trendline will act as serious resistance levels.
Bitcoin is trading at $51,165 at press time.
ETH/USD
Yesterday morning, the bears increased the pressure and broke through the strong support at the level of $1,500. The local minimum was set at around $1,353. During the day, the volatility of the ETH price remained quite high.
ETH/USD chart by TradingView
At night, when the volume of sales declined, the pair was able to recover above the level of $1,600. If buyers are able to continue the recovery today, then the price could test the blue trend line. A breakthrough of this resistance will allow the altcoin to consolidate at the level of $1,800 before the end of the week.
Ethereum is trading at $1,693 at press time.
BNB/USD
The rate of Binance Coin (BNB) has recovered faster than that of Bitcoin (BTC) or Ethereum (ETH) as the price has rocketed by 28% since yesterday.
BNB/USD chart by TradingView
Despite the sharp growth today, Binance Coin (BNB) has made a false breakout of the $275 mark. The buying trading volume is low, which means that there are chances to see a restest of the liquidity around $119 shortly.
Binance Coin is trading at $262.35 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.