Following a few consecutive days of price slumps and bottoming at $55,500, bitcoin has bounced off and jumped to approximately $58,000. Most alternative coins are also well in the green, with Binance Coin registering yet another all-time high above $420 and XRP surging back to north of $1.

Bitcoin Aims at Conquering $58,000

Following the latest rejection just before the $60,000 line on April 6th, bitcoin headed south. In the following few days, the asset lost more than $4,000 of value, which led to the lowest price level in ten days on Wednesday below $55,000 as reported.

However, the cryptocurrency showed early signs of recovery yesterday and has continued upwards since then. In two days, BTC regained about $2,500 and, despite a few fluctuations, has returned to just shy of $58,000 as of writing these lines.

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According to the technical aspects, the resistance line at $58,355 is bitcoin’s first obstacle before $60,000. Only if the asset overcome both could go towards uncharted waters above $61,800.

Alternatively, the support levels at $56,200, $55,600, and $55,000 could contain it in case another sharp retracement arrives.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB New ATH; XRP Back Above $1

Similar to their leader, most alts also felt the adverse price developments in the past few days. Ethereum dropped to $1,940 but has bounced off. By adding over $100 in value since then, ETH stands close to $2,100.

Binance Coin had a massive drop from $410 to $355 in a matter of hours. However, BNB has not only recovered all losses but went on to mark another all-time high just above $420.

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Ripple also fell hard, but XRP has jumped by a double-digit percentage since yesterday and has reclaimed $1. Polkadot, Cardano, Uniswap, and Chainlink have also marked minor gains on a 24-hour scale.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More increases come from Bitcoin Gold (32%), Enjin Coin (24%), KuCoin Token (24%), Pundi X (20%), Stacks (16%), THORChain (15%), IOTA (14%), Waves (12%), Hedera Hashgraph (13%), and YFI (10%).

Ultimately, the cumulative market capitalization of all crypto assets has added $120 billion in two days and has reclaimed $2 trillion once more.


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Read Also:   Bitcoin Price Fails to Paint ATH as Crypto Market Slides $40 Billion (Market Watch)

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Bitcoin Eyes $58K (Market Watch)

by Steven Willis
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