The leading cryptocurrency bitcoin’s price has broken out from a short-term descending resistance line and is in the process of moving towards the next closest resistance area. The cryptocurrency is currently attempting to move above the $44,000 area, which previously acted as support but has now turned to resistance. Technical indicators in the daily time frame are showing some bullish signs.
Bitcoin fell below $41,000 for the second time in just a few days.
The enhanced volatility that bitcoin faced in the past several days continued yesterday as well. The cryptocurrency fell below $41,000 for the second time in just a few days, but the bulls drove it upwards by a few thousand dollars almost immediately. However, the pain wasn’t over yet as another price drop transpired, which pushed bitcoin down to a new low of $40,800. The situation changed somewhat rapidly again, and this time it went higher. In just a matter of hours, bitcoin added roughly $3,000 of value and tapped an intraday high of $43,800. As of now, though, it has retraced by several hundred dollars and stands around $43,000.
Bitcoin’s market capitalization has risen above $800 billion.
Bitcoin’s market capitalization has risen above $800 billion, while the dominance over the alternative coins has increased to just under 43%. On the other hand, most alternative coins have failed to produce any significant gains in the past few days. Ethereum has been one of the biggest losers as it had dropped from above $3,100 to $2,900, where it stood for a while. In the past 24 hours, ETH went on a run and surged above $3,000, but as of now has retraced below that level once more.