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October 5, 2022
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Bitcoin

Bitcoin in positive territory recovers $ 52,000

Bitcoin price had dropped sharply on Tuesday

Second consecutive positive day for Bitcoin and most of the cryptocurrency industry. Over 80% of the top 100 capitalized cryptocurrencies are in the green, a sign that is currently supporting continued recovery and partially recovering the falls suffered at the beginning of the week, which recorded the worst losses since the beginning of the year.

Source: COIN360.com

One of the best gains of the day was with Enjin Coin (ENJ), which rose more than 30% and returned to be close to the highs recorded exactly fifteen days ago, on February 11th. This highlights the fact that it remains an attractive sector.

This is also confirmed by another token, Pteria (PTERIA), which saw its value multiply 20 times in the past month.

LTC 20210225

Among the big players, Litecoin (LTC) had the best performance, rising 10%. Among blue chips, Cardano (ADA) is also doing well, today with a 4% increase. Both are close to the highs reached last week.

Market capitalization remains above $ 1.5 trillion, with volumes falling for the second consecutive day. This is a sign to be carefully followed because it follows the recovery, showing a price recovery not supported by large purchases.

DeFiPulse 20210225

The total amount blocked in decentralized financial projects (DeFi) is back above $ 38 billion, thanks also to the Ethereum hike, which continues to rise above 7.82 million ETH, the highest level of the past 4 months.

BTC 20210225

Bitcoin Chart – Tradingview

Bitcoin (BTC) at the top

In the past few hours, Bitcoin prices have rebounded to the $ 52,000 mark, a move that at the moment remains identified as a technical recovery. To understand if the drop is over, we will have to wait for the next few days, or we are still in a medium-term bearish phase.

Only a $ 55,000 recovery would start providing bullish signals again.

ETH 20210225

Ethereum Chart – Tradingview

Ethereum (ETH)

Ethereum’s return of prices above $ 1,650 brings it back to the top of the dynamic uptrend line that was breached during Tuesday’s crash. At the moment, it is a sign of short-term strength that will need to be confirmed in the coming days.

The short-term trend still remains on a bearish trend. For further confirmation, we will have to wait for the next few days or the $ 1850 recovery. It is important for Ethereum not to break the $ 1,350 support.

Source: Cryptonomist

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