- BTC/USD has been under bearish pressure in recent 24 hours.
- The price recovery is capped by $5,300
- Strong support lies with $5,100.
Bitcoin (BTC) managed to recover from the Sunday’s low $5,214 however, the upside potential is slow. The recovery of the first digital coin is still limited by $5,300 handle, as the weekend attempts to settle above this handle bore no results.
At the time of writing, BTC/USD is changing hands at $5,270, down 1.14% in recent 24 hours and unchanged since the beginning of Monday. Bitcoin market dominance is registered at 52.77%, mostly in line with the recent figures.
Looking technically, BTC/USD is supported by psychological $5,200 underpinned by SMA200 (1-hour) and SMA50 (4-hour). This area is likely to stop the sell-of, however, once it is cleared, the downside movement will gain momentum with the next focus on $5,100. The lower boundary of the recent upside channel located marginally above this level creates a strong support and a good jumping-off ground for BTC.
On the upside, the immediate recovery is limited by $,5,280-5,300. This resistance area is created by a confluence of SMA100 (1-hour), DMA5, and the middle line of 4-hour Bollinger Band. A sustainable move higher is needed to create an environment for further growth. The next target is $5,360 (the highest level of the previous week, strengthened by double high of April 3 and April 8. Once it is cleared, the upside momentum will gain traction with the next aim at $5,500.
Follow us on Telegram
Stay updated of all the news
This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders
Lido DAO price is following the rest of the market due to the regulatory events that transpired in the last few days. However, the DeFi token is generally unlikely to pursue the path set by any other cryptocurrencies, including the likes of Bitcoin. This might play in favor of LDO.
LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise
Chainlink price, after following the broader market cues, is nearing a key support level that was last visited by the coin in January this year. This has discouraged LINK holders to the point where selling has become a preferred option. However, newer investors are countering this selling by accumulating, preventing a severe decline.
Optimism price could rally 50% as network upgrade inspires new wave of OP adoption
Optimism (OP) price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 (L2) token is trading horizontally, giving bulls time to accumulate OP at affordable rates.
Binance CEO addresses chat records disclosed by the SEC
Binance CEO Changpeng Zhao has issued an internal address to company staff, asking them to focus on work and developing products people can use. The internal memo comes after the United States Securities and Exchange Commission (SEC) disclosed chat records between Binance employees in an attempt to support its case against the largest crypto exchange by trading volume.
Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week
The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization.