Bitcoin made a quick upward movement past the resistance at the $45,500 market after slumping to a high low of $44,000 yesterday. It is set to test further upward trend in the weekend. Recovery has been seen across the cryptocurrency market. It is now taking a bullish stance.
At the time of writing this article, BTC’s price has gained 4.05% in the last 24-hours. Bitcoin is trading at $46,602. The popular crypto has regained its previous loss. Ethereum is up by 6.89% and is changing hands at $3,482. Analysts say the bullish momentum has returned to the market. Earlier in the week, Bitcoin and Ethereum saw strong surges in their prices leading to the $48,000 major resistance. It should be noted that BTC managed to swing around the $45,000 – $46,000 mark without much hesitation. This shows strong strength in the overall market structure.
But analysts say the bearish momentum did not follow for long as a strong reversal began over the second half of the day. Bitcoin is expected to make a run for the $48,000 mark.
The altcoins are in green. Solana is up by 11.11%, Polkadot has gained 6.16%, Terra LUNA 7.43%, Cardano 6.05%, and Avalanche has seen gains of 5.66%. Meme coins Shiba Inu have gained 5.04% and Dogecoin 6.19%. Analysts believe altcoins have outperformed the major cryptocurrencies as they have low volatility.