The dominant cryptocurrency reversed its market trajectory after hitting an all-time high of $65,000 earlier this week. Bitcoin’s value began to decline gradually, but it spiked on 16 April.
When reports emerged that Turkey would enact a ban banning the use of digital assets as payment instruments, the first-ever cryptocurrency crashed by more than $4,000 in hours.
As a result, the daily price fell to just over $60,000. The bulls, on the other hand, reclaimed power and refused to tolerate a collapse below that coveted mark. BTC, has increased by around $2,000 since then and is now trading about $62,000.
According to technical indicators, bitcoin’s first resistance levels are $62,500, $63,766, and $65,000 ATH. According to Cryptopotato.com, in the case of another retracement, the asset could depend on support levels at the previous ATH of $61,780 and $60,000.
The performance of most alternative coins on 16 April, was similar to BTC’s, with some sharp drops. They are in the green today, much like their leader. Ethereum fell by more than $150 on 16th, but has since risen by more than 3% and is approaching its all-time high of $2,500.
Binance Coin fell below $530 yesterday, after completing its 15th quarterly burn. BNB, on the other hand, has gained more than 5% in value and now trades at about $540, and with a huge 25% gain in the last 24 hours, Bitcoin Cash is the biggest large-cap performer. As a result, with a price of $1,150, BCH has re-entered the top ten.