Bitcoin’s price appears to have found its footing and is starting to rise again after a recent decline. Crypto trading expert Michael van de Poppe is among those who support the argument that Bitcoin has hit its lowest point and is now on an upward path. This shift is also positively impacting other cryptocurrencies.
Here is a closer look at the current cryptocurrency market trends!
Bitcoin’s Recent Performance
As of today, Bitcoin is trading at $66,155. Recently, its price fluctuated between $63,000 and $65,000, indicating it may have bottomed out. According to Michael van de Poppe, this range likely marked the lowest point for Bitcoin, which is now expected to climb further.
Bitcoin Market Indicators
The 1-day candlestick chart of Bitcoin/USD now shows a large green candle, signaling upward momentum for Bitcoin. This is a positive sign that Bitcoin’s price is beginning to rise from its recent low.
Impact on Altcoins
As Bitcoin’s price increases, other cryptocurrencies are also seeing improved performance. On June 6, 2024, the altcoin market cap peaked at $1.39 trillion. Today, June 20, 2024, it stands at $1.21 trillion, which is an improvement from yesterday’s $1.18 trillion. This suggests a recovery in the altcoin market alongside Bitcoin’s resurgence.
Bitcoin’s Dominance and Recent Movements
Bitcoin’s dominance value is currently at 51.8%, close to its 6-month peak of 52.47% reached on 18th June 2024. Earlier this month, on 5th June, Bitcoin’s price was above $71,000. Since then, it has consistently slipped, with today’s opening price at around $64,915. Over the past 30 days, Bitcoin’s price has decreased by 6.9%. In the last 7 days, it has changed by -2.5%, but in the last 24 hours, it has risen by 1.4%.
In conclusion, Bitcoin’s price decline seems to have halted, and it is now starting to rise again. This upward trend also benefits other cryptocurrencies, suggesting a positive shift in the overall market sentiment. The recovery in the altcoin market cap further underscores this optimistic outlook.
Bitcoin’s rebound could signal a new surge in the crypto market, pointing towards a more optimistic future for cryptocurrency traders and investors.
