Bulls have recovered after a sharp drop, and all of the top 10 coins have come back to the green zone.
Top coins by CoinMarketCap
BTC/USD
Yesterday morning, the bearish pressure intensified and the correction continued toward the support of $ 58,000. The daily low was set at $58,100.
BTC/USD chart by TradingView
In the afternoon, sales volumes declined, and the Bitcoin price consolidated sideways. Until this morning, bears did not manage to test the support of $58,000, and the activity of buyers was sharply declining at the level of $59,500. This sideways trend may continue today.
If the bears manage to push through the strong support of $58,000, then the pair may drop to the level of $56,740. If the BTC price fixes above the $58,000 level, then a recovery to $62,000 is possible.
Bitcoin is trading at $61,348 at press time.
BNB/USD
Binance Coin (BNB) is looking stronger than Bitcoin (BTC) as the rate of the native exchange coin has risen by 6.14% over the past 24 hours.
BNB/USD chart by TradingView
Despite today's sharp rise, the ongoing growth of BNB may continue if the altcoin closes today above the $480 mark that reflects yesterday's open level.
In this case, there is a high chance to see the breakout of the resistance at $509.7. If that happens, the rise may continue to the zone around $550.
Binance Coin is trading at $484.4 at press time.
DOGE/USD
DOGE is the biggest gainer today as its rise has constituted 23% since yesterday.
DOGE/USD chart by Trading View
DOGE has almost touched the resistance at $0.3495, accompanied by the high trading volume. If the daily candle closes around this mark, bulls mifht continue the growth tomorrow. In another case, the coin keeps trading in a wide channel between the mentioned resistance and the support at $0.1940.
DOGE is trading at $0.3037 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.