The bitcoin (BTC) rate is still holding above $50,000 and now seems to break even further! At the time of writing, bitcoin is seen trading above $52,000. However, the altcoins are still lagging behind with here and there even declines. In this article a short update on the current state of affairs in the crypto market.
Bitcoin (BTC) breaks trendline
Yesterday the bitcoin price rose through the resistance at $50,000 but immediately found the next obstacle at $52,000. The resistance is strong in this price area, partly due to the declining trend line that is located here. This is the downward trendline since reaching the all time high (ATH) was formed in April.
Bitcoin fell after tapping this resistance since this morning, approaching $50,000 again. The 4-hour chart shows that buyers were immediately available here. The candle has a wick at the bottom with which the BTC price made a nice bounce and has now confirmed the $50,000 as support.
After this bounce, bitcoin now seems to be able to continue its further rise. At the time of writing, the price of bitcoin is $52,515 on crypto exchange Coinbase. So the monthly high of $52,944 is getting closer and closer, marking the next important price point!
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 6, 2021
Cardano (ADA) and solana (SOL) are actually falling
Surprisingly enough, the altcoins are not yet able to hook up. Cardano (ADA) is still disappointing and even drops 2.8% in value. Solana (SOL) is even 8.3% in the minus. This while bitcoin is 5% in the plus compared to 24 hours ago. In fact, bitcoin is the only top 10 crypto that shows green numbers next to dogecoin (DOGE).
It is therefore not surprising that the bitcoin dominance has increased by 1.5%. Bitcoin’s market cap now makes up 44.5% of the total. Within the top 100 we still see shiba inu (SHIB) in the plus. The dogecoin clone is still up 44%. The altcoin has risen by a whopping 220% in the past 7 days.