Bulls are fighting for the control of price points as Tuesday proved to be yet another hectic day for the market.
For the first time in October, Bitcoin (BTC) has hit the $50,000 mark in the middle of the price volatility being incredibly high. Bitcoin (BTC) has come back to the psychological price point as it has gained 5% today. This recent triumph is attributed to crumbling resistance levels.
This price surge of the largest cryptocurrency by market cap is attributed to both the social media shutdown that affected Whatsapp, Facebook, and Instagram on Monday, as well as economic uncertainty.
A study at recent price behavior, according to Michal van de Poppe, revealed that the most likely outcome for present movements was upward, with a decrease being restricted in extent.
The study of historical price changes leads to believe that the recent surge of Bitcoin (BTC) might signify a break upwards of 50k, or even a potential dip towards 49k prior to a significant rally. While a dip to 47.5k is expected and normal, anything below that would leave bulls at a disadvantage, said Poppe in his YouTube deliberation on the price volatility of Bitcoin (BTC).
These circumstances have not significantly increased the reaction time of the major altcoins.
Ethereum (ETH) gained a 2% momentum, being traded at $3,400 at the time of writing, whereas Dogecoin (DOGE) incurred a 10% rise per the Elon Musk endorsements.
Also read: Here is Why Bitcoin Price Will Hit $100,000 in 2021