The Bitcoin and crypto market has recovered after staying in the red for a few days. Today, most of the crypto coins are in the green and recovering from the previous bearish days.
Ethereum has now reclaimed its $400 price while Bitcoin has recovered and bounced back to $11,500 as at press time. This is happening for the first time since last Tuesday, after the announcement by the US Federal Reserves. The lower cap altcoins are even registering more impressive gains.
Bitcoin staying high
The past few days have seen the primary cryptocurrency shedding some value. It experienced some volatility after the US Federal Reserve announcement about new plans to set an average of 2 percent inflation in the future. It led to a quick Bitcoin price deep, as the coin bottomed at $11,100.
But it didn’t stay in that position for long. Bitcoin price has been driven further higher. As at press time, Bitcoin is around the $11,500 mark. If Bitcoin will rise higher than this level, it needs to reach the first resistance level at $11,650 before going to the next one which is $11, 800. Next up for the asset is the third resistance level at $12,000.
But if BTC dips it will likely move down to the first support level at $11,300, before going down to $11,150 if it deeps further. The third support level will be $12,000, which is the level it’s coming from.
The past few days have shown the increasing correlation between gold and Bitcoin. Just like Bitcoin, the precious metal dipped in price within the same period Bitcoin was plummeting after the announcement by the Federal Reserve. Gold dipped to $1,910 per ounce before closing at above $1,960 yesterday.
Altcoins bounce back too
A few days back, Ethereum plummeted to $370. But like Bitcoin, it has bounced back and is gradually rising again. For the past 24 hours, it has increased by 5% and is now trading at $400. In the same vein, Ripple has risen to $0.27, a 2% increase.
Polkadot and Chainlink have continued in their impressive performance lately, with 8 percent gains. Following this recent rise, DOT has taken a spot in the top 10 crypto coins based on market capitalization. At one point, it even overtook LINK at the top 5 spot. But Chainlink has gone back to its former position, with a serious battle between the two coins still brewing.