The BTC/USD pair has been on the rise over the last 5 hours. The recent increase in price was triggered as soon as hit the $43,700 support as BTC recorded massive sellers’ congestion in the last 24 hours.
As Bitcoin dipped its lowest during the past 24 hours most coins reacted as they experience price retracements. Coinfomania predicted the impending price drop in one of its analyses.
The analyst stated that the previous upward momentum chart pattern suggests that the king coin may experience a price dip soon as it is a bearish flag. The uncertainty continues as the coin starts to range. Within the ranging channel, there lies another upward trend. Bitcoin has to flip the $48,000 resistance or risk a price dip as low as $44,000.
True to the prediction, BTC dropped below $44,000. In the next few days, we may see the dip turn out to be a blessing in disguise as the $44,000 support may be the king to flipping $50,000.
The Market Reacts.
The market reacts positively as the king coin moved. Most coins are on the rise as well. Amongst these coins is the Binance coin. As of the time of writing, BNB is trading at $403 as it surged by 5%.
Axie Infinity continues to trade within the $64-$71 channel but improved significantly as it enjoyed a 5% increase. The Ripple token continues it stays above $1 as the support continues to hold.
The top gainer in the last hour as of the time of writing is SNX. The Synthetic coin increased by 13% in the past hour. Currently, the coin is transacting at $11.8. Both AVAX and VGX also increased by 10% and 10.3% respectively.
Unfortunately, the total crypto market cap was unable to regain its $2 trillion status. As of this time, the total market cap is $1.9 trillion. As market conditions improve over the weekend, we will see the entire market value increase as most coin will be bullish.
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