After another sharp drop to $47,500, Bitcoin has regained some of what it lost, and is currently trading around the $50K price line.

Most altcoins have also bounced back since yesterday’s massacre, as Ethereum approached $2,300 and BNB rose above $500.

Will Bitcoin Definitively Restore $50K?

Last week did not go according to the plan of the Bitcoin bulls.

Last Sunday, Bitcoin dropped to $51,500.

For a few days, the currency stopped trying to recover, as the bears took control and pushed the currency further lower.

This led to another big drop, this time from over $55,000 to a daily low of $47,500 (on Bitstamp).

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This became the lowest price for BTC in nearly two months.

Bitcoin’s reaction has been somewhat positive.

Bitcoin has gradually regained nearly $2,500 of its value and is currently on the verge of $50,000.

However, the market capitalization of Bitcoin is still less than $1 trillion.

From a technical point of view, yesterday’s low was at $47,500 which is the first important support should BTC continue to decline.

The next supports for Bitcoin are at the $47,000 and $45,950 levels.

While if Bitcoin decisively recovers $50,000, the next resistance lines it will have to overcome to resume the 2021 bull run are $52,000, $53,500 and $54,120.

Altcoins in green:

Altcoins suffered more than their leader yesterday with significant price drops.

However, they have bounced back more strongly than bitcoin since then.

Ethereum dropped to just over $2,100, but rose to nearly $2,300.

Binance Coin BNB sank below $500 but added 8% in value and is currently standing above $510.

Ripple fell below $1 for the first time since early April yesterday but is up 9% and currently stands at $1.12.

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Cardano (15%), Polkadot (8.5%), Litecoin (3%).

The price of the “Dogecoin” coin fell below $0.20, after which the coin rose by 25% to reach the value of the coin to $0.28.

DOGE is still the seventh largest cryptocurrency by total market capitalization.

As a result of the aforementioned developments, altcoins made significant gains against Bitcoin and reduced their dominance to just over 50%.

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