After hitting a new two-week high of over $58,000, Bitcoin has rebounded slightly and is currently trading between $56,000 and $57,000.

Most altcoins also posted small losses on the 24-hour scale.

While the Ethereum currency is among the few exceptions, as the price of the currency reached the highest levels ever, and everyone is waiting for it to break the psychological level of 3000 dollars.

Bitcoin and the $57,000 level:

In the past few days Bitcoin finally moved and managed to break out of the $54,000 resistance.

Bitcoin started to rise impressively adding $4,000 in value, reaching a high of $58,000.

Read:The number of addresses holding at least 0.1 BTC reaches an all-time high

This became the currency’s highest price since the crash in mid-April.

The $57,000 level is where the bears intervened again and did not allow any further increases.

In the past few hours, Bitcoin has returned to volatility and fell to the $56,000 level.

Despite recovering some losses, Bitcoin is still down 2.87% over the past 24 hours.

According to technical indicators, the first obstacles and resistances facing Bitcoin are the resistance lines at $58,355, $59,000 and $60,000.

While the main support lines stand at the current levels of $56,950-$57,000 which is the 50-day moving average line and then $56,200 (20-day moving average, retested earlier this morning).

Further lower lies the $55,000 prior resistance-turned-support.

Ethereum and the $3000 level:

Most of the altcoins have been swinging lately with impressive gains, especially in light of the decline in Bitcoin’s dominance in the market.

But altcoins also calmed down in the last 24 hours and are looking forward to the Bitcoin movement with the weekly close.

Binance coin is down 3% but still slightly above $600, the coin’s decline comes after the coin hit an all-time high yesterday at around $645.

Read:Ethereum trading volume increased and outperformed Bitcoin in the first half of 2021

Most of the altcoins with large and medium capitals have red indicators with respect to the 24-hour indices, while the weekly ones are still green.

In the end, the cumulative market capitalization of all cryptocurrencies lost about $30 billion but remained above $2.15 trillion.

Read:List of the most important Ripple partners and users of the digital currency (XRP)

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