After the total crypto market capitalization dropped $90 billion on Tuesday, the market rebounded to fully erase those losses and closed at $1.35 trillion.
Tuesday was the lowest close since Feb. 7 for full market capitalization. Such a big rally after a pivotal moment in the micro downtrend was monumental for bulls on Wednesday.
Bitcoin bulls said “no buts” and killed many bears on Wednesday. The BTC managed to stay above $29k and pushed the price to over $32k before the start of the day’s final 4-hour candle.
So what’s next for bitcoin now that bulls have won the latest battle at $30k?
The 1D chart above TradingShot shows a triple bottom in bitcoin, which is historically a key indicator that a trend is about to reverse course.
In addition, Bitcoin is above the inflection point on the 4-hour chart and has rebounded after the completion zone of a bullish reversal at the time of this writing. A higher low at the high top at $35.8k could be the necessary confirmation for market participants holding money in stablecoins on the sidelines to re-enter the market.
The BTC Fear and Greed Index reading is 21 and +11 points from the previous day.
The 24-hour Bitcoin range is $29,641-$32,502 and the 7-day range is $29,599-$33,098. The 30-day average price of Bitcoin is $33,184.
The BTC closed Wednesday’s daily candlestick at $32,141, breaking a streak of 2 consecutive daily closes on red numbers.
After weeks with the MATIC price being pushed down, Ethereum’s most popular side chain rose as much as 35% on Wednesday. Polygon’s price returned to above $0.9, after dropping below $0.7 on Tuesday to lows not seen since the beginning of this year.
The chart above shows how MATIC was extremely oversold on the daily chart.
Bears hope they can push the price back into the structure and back down to the bottom of the $0.622 range, to ruin much of the hope for a quick recovery.
The MATIC 24-hour range is $0.673 – $US. 935 and the 7 day range is $0.635 – $US. 935. The average price for polygon in the last 30 days is $1.01.
MATIC ended Wednesday’s daily candles at $0.887. Polygon is the No. 17 digital asset ranked by market capitalization and avoided a tenth consecutive close in red numbers with a daily close in green on Wednesday.