Bitcoin approaches $31,000 as cryptocurrencies catch a breath
The past few days on the cryptocurrency market were far from good to say the least. De-pegging of stablecoins and collapse of LUNA cast a shadow over the whole digital currencies market, putting pressure on big coins as well. BITCOIN tested $25,000 handle yesterday, the lowest level since December 2020, while ETHEREUM dropped to $1,700, a level not seen since mid-2021. Nevertheless, both cryptocurrencies are trading much higher today as turmoil on the stablecoin market eased and overall risk attitude in the global financial markets improved. BITCOIN gains almost 9% today and recovers above the $30,000 mark. In fact, the most famous cryptocurrency is slowly approaching $31,000 handle already. When it comes ETHEREUM jumped above $2,000 earlier today and is now trading above $2,100.
Bulls managed to defend a $29,000 support zone on BITCOIN and launched a recovery move. Correlation between cryptocurrencies and other risk assets, like equities, have been strong as of late therefore factors that move indices should also be carefully watched by crypto traders. The nearest major resistance zone on BITCOIN can be found ranging around the $37,500 mark. Source: xStation5
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