Bitcoin (BTC) price further consolidates after attempted breakout, shiba inu (SHIB) goes wild again!

Yesterday afternoon the bitcoin (BTC) bulls another attempt to break the USD 55,000 resistance zone, but again they were rebuffed here. Nevertheless, bitcoin continues to trade firmly above $50,000. What about the rest of the market right now?

Bitcoin (BTC) Cannot Break Out, But Forms Higher low

About 24 hours ago, bitcoin started its decline after the price started a new high of $56,113. This was the highest price bitcoin has reached since May this year. However, like the first test on October 7, the bulls were unable to break out of this.

The price thus fell back to $54,000 where a slightly higher low was formed. After another small rise, bitcoin is now trading at a price of $54,618 on crypto exchange Coinbase. The big obstacle remains at $55,800. If we break through this, the $60,000 may be in sight pretty soon. Read our analyst Michiel’s weekly column here about how he views the current situation!

Then another striking fact. on chain Analyst Willy Woo shared a chart this morning showing the value that bitcoin processes. Woo states that bitcoin currently processes an average of $190,000 worth of value per second. This is more than sending Visa’s US customers through the Visa network. They send $130,000 per second.

Top 10 turns light red, shiba inu (SHIB) loose again!

If we look at the rest of the market, we see that the top 10 bitcoin is following in its footsteps again. Ethereum (ETH) has fallen 1.5% in value in the past 24 hours and is now worth $3,584. Cardano (ADA) is down a similar percentage to a value of $2.26.

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Binance coin (BNB) has to relinquish third place to cardano due to a decrease of 3.6%. Furthermore, we see that polkadot (DOT) is the only one that can rise. The number 8 is a small 0.6% in the plus. If we zoom out, we still see some spectacular increases!

Shiba inu (SHIB) is once again in the plus. The Dogecoin (DOGE) clone and rival made a big correction yesterday after a very rapid gain. SHIB seems to be able to recover somewhat from that. The altcoin, which is now in the top 20 largest cryptocurrencies, is up 26%. Celer network (CELR) is also doing well, rising 23.8%.

All in all, the entire crypto market is still declining slightly in value. All cryptocurrencies combined are now worth $2.3 trillion, down 1.6%.

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