- The price of Bitcoin (BTC) trades above $58k after the past turbulent week
- MKR attracts big financial players as MDX racks big numbers
Bitcoin (BTC) reclaims its price above $56,500 after suffering a scare below this region, trading around $53,800. Institutions that saw this region as a demand area for Bitcoin (BTC) bought this asset, pushing the price above its support zone of $56,500.
Onchain analysis suggests investors see the $53,800 Bitcoin price as a good buying opportunity despite uncertainties from the German Government selling its Bitcoin assets. With subdued selling pressure, the cryptocurrency market could be ready for a bounce across all markets.
Price recovery indicates a good sign for bulls who are still in control over bears. Many buyers are still in their positions, looking to capitalize on the market bounce. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), MakerDAO (MKR), and Ripple (XRP) all look good. Let’s analyze Bitcoin and other altcoin charts and see where prices could be headed.
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Bitcoin Daily Price Chart
BTC/USDT 1D Chart – Tradingview
After initially failing to protect the price of Bitcoin (BTC) around the $56,500 demand zone, Bitcoin (BTC) bulls were determined to protect the price from breaking below $53,500 as the price of BTC bounced from this region to trade higher, indicating solid buying on this dip.
The price of BTC retesting its sell-side liquidity after creating this region and respecting its price around this current demand zone of $56,500 suggests bullish price action, as the price could trade to a high of $60,000 if this zone of $56,500 remains protected by BTC bulls.
If BTC bears overpower the bulls and prices close below $53,000, we could see price retesting the weekly low of $48,000, creating more fear for investors and traders across the crypto market.
Ethereum Daily Price Chart
Ethereum (ETH) has shown beautiful price action, respecting its demand zone of $2,800, and has bounced off this region with more confirmation as the price retested its sell-side liquidity zone. Bulls would be looking to push the price of Ethereum (ETH) to a high of $3,400.
The 50-day Exponential Moving Average (50-day EMA) for ETH suggests the price could face significant resistance around $3,300. A break and close above this region could see the price of Ethereum rally higher to $3,700.
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If the price of ETH fails to trade above $2,800 and bears overcome ETH bulls, we could see the price of ETH trading lower to around $2,200.
With the cryptocurrency market looking promising, here are the top gainers in the past 24 hours;
