Cryptocurrency market update: A bullish wave sweeps across as Bitcoin approaches $6,000

The crypto market is once again in the green following a day of retracement when the bears hit the brake pedal just before the weekend session last week. Most of the assets are showing gains between 1% and 4%. Bitcoin is leading the recovery with gains of 3.2% followed closely by Ethereum at 2.56%. Ripple, on the other hand, is up 0.67 while Bitcoin is trending up 2.18% on Tuesday.

The total market capitalization has also corrected up from $185 billion posted yesterday to the current $188 billion. The market has a 24-hour trading volume of $55 billion with Bitcoin taking up $17 billion of the total volume. Bitcoin’s dominance has continued to rise over the last 30 days to hit 55.7% at the time of writing.

Bitcoin price update

Bitcoin hit highs around $5,840 over the weekend trading sessions but was not able to sustain gains above $5,900. There was consolidation above $5,650 but later dropped below $5,600 only to find support at $5,550 on Monday. A correction ensued as the price corrected above the 100 SMA and the EMA200. The intraday charts on Tuesday show the price having hit highs above $5,950. However, Bitcoin has dropped to find short-term support at $5,850. Meanwhile, the price is trending sideways between $5,900 resistance and $5,850 support.

BTC/USD 15-minutes chart