After a tough weekend that saw Bitcoin price hit a notable sell-off, the leading cryptocurrency has rebounded and passed the $ 50,000 mark. At the time of writing, BTC is changing hands at $ 51,080.
BTC / USD 4-hour chart | Source: TradingView
Now that the prominent cryptocurrency has risen above that level, technical analysts and market watchers are watching and waiting to see if it builds support there. BTC rebounded over $ 50,000 after breaking that price, the top cryptocurrency rebounded to $ 50,580 before falling slightly by $ 49,970.
“Bitcoin bounced back to $ 50.1,000 on Monday and whale traders fell to perfection. Starting with dumping up to $ 43.5,000 in addresses with 100-10,000 BTC, another 67,000 BTC has accumulated after the same amount was dumped before the halving, “Santiment said.
The source: mood
Bitcoin was trading above its 200-day moving average (currently $ 46,386), suggesting that selling pressures may ease in the short term. Analysts point out that excessive leverage in the Bitcoin futures market contributed to the widespread sell-off. And despite the short-term upside potential, some analysts remain cautious about Bitcoin’s price development over the next few weeks.
BTC is ready for a short-term rally, although the upward trend towards the $ 55,000- $ 60,000 resistance area appears limited. Long term, the weekly momentum indicators have turned negative for the first time since April before a brief crypto bear market emerges. The trading volume on the large centralized exchanges is even lower than it was a day ago. Ether rose more than 5% to $ 4,355.
Meanwhile, Polygon (MATIC) has gained almost 20% in the last 24 hours. This is because a group of venture capitalists including Sequoia Cash India and Steadview Money are in talks to support the Ethereum Polygon scaling network with an investment of $ 50 million to $ 150 million. The investment should take the form of a MATIC purchase.
Elsewhere, Decentraland (MANA), the top ranked Metaverse asset, has fallen 25% in the past seven days. The decline in MANA was followed by Axie Infinity’s AXS, which has fallen 23% in the past seven days. The total crypto market cap is $ 2,380 trillion and the dominance of bitcoin is 40.5%.
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