Bitcoin Rebounds to $61K while ETF Fever Subsides

Bitcoin Rebounds to $61K while ETF Fever Subsides

On Thursday, Bitcoin rebounded to $61K after spiking low to $59K yesterday as long-term holders obtained their profits from its record-high prices last week.

The world’s largest cryptocurrency soared 3.59% to $61,071.79 with a 24-hour change of $2,066.66. 

As of writing, the BTC stands with a market capitalization of $1.15 trillion. It also holds a 24-hour volume of $1.79 billion with a $58,179.61 low and $61,250.13 high. 

In the early trading, it struggled to cross $62,000.00 and $60,000.00 support levels. In line with this, a crucial downside break formed under the $60,000.00. 

Consequently, the virtual coin eventually sat at the $60,000.00 level and the 100 hourly simple moving average. Then, there is a low along with the $58,140.00.

Currently, it consolidated its previous losses, whereas an immediate resistance on the upside lies beside the $59,500.00 level.

In addition, it is now near the 23.60% Fibonacci retracement level of the downward movement from the $63,700.00 high to $58,140.00.

Remarkably, the initial major resistance is on the $60,000.00 level

Moreover, the significant breakout zone formed near the $61,000.00 and the 100 hourly simple moving average.

The 50.00% Fibonacci retracement level of the downturn from $63,700.00 high to $58,140 low is at the $60,900.00 level.

On the hourly chart, there is a key bearish trend line beside the $60,900.00. 

Furthermore, a breach above this trend line resistance and the $61,000.00 could push Bitcoin to the $62,000.00 level. Then, the next major resistance will be at $64,000.00. 

Crypto Up as Bitcoin Bounces

Meanwhile, most of the cryptocurrencies hiked as Bitcoin bounced up.

Ethereum advanced 2.40% to $4,131.96 with a market capitalization of $485.32 billion and a 24-hour volume of $1.43 billion.

At the same time, Ripple’s XRP soared 2.90% to $1.05. It has a market capitalization of $1.05 billion and a 24-hour volume of $5.80 billion.

It is the same with Solana as it increased 0.63% to $195.61. It also holds a market capitalization of $99.41 billion and a 24-hour volume of  $5.68 billion. 

Cardano improved 0.02% to $2.00. It holds a market capitalization of $65.68 billion and a 24-hour volume of $518.07 million.

Remarkably, Shiba Inu skyrocketed 40.43% to $0.00008 with a market capitalization of $105.52 billion and a 24-hour volume of $15.80 billion.

Also, Polkadot inched up 0.39% to $42.37. It stands with a market capitalization of $46.85 billion and a 24-hour volume of $2.78 billion.

Then, Bitcoin Cash surged 1.94% to $571.46 with a market capitalization of $10.79 billion and a 24-hour volume of $45.88 million.