Bitcoin (BTC) Price Is Close To $50,000 But Bears Are Not Giving Up – This Altcoin Soared 118%!

$48,000 remains the major obstacle to overcome for bitcoin (BTC) bulls. Despite a nice rise last night, the price was unable to continue steaming towards $50,000. In this article you can read everything about the current state of affairs on the crypto market!

Bitcoin (BTC) Tests Water Above USD 48,000

Bitcoin has been trading just below USD 48,000 for more than three days. Last night the bulls seemed to be able to break through. With a small spike in trading volume, the price rose to a high of $49,300. But soon the bears the price will return, which emphasizes that the resistance in this zone cannot be broken so quickly.

At the time of writing, bitcoin is trading at a price of $47,855. The price is still trading near the resistance. A convincing breakthrough could open the way to $50,000, the next obstacle on the way up. Did you miss Michiel and John’s technical analysis this morning? Watch Michiel’s video here, and John’s video back here!

It is now known that hodlers continue to buy and increase their positions. This is generally a positive sign. Bitcoin Archive, a well-known Twitter account that tracks important developments around Bitcoin, calls the fact that the price does not reflect this at the moment an opportunity:

Terra (LUNA) approaches top 10

The altcoins in the top 10 generally turn red, following the slight rejection of bitcoin last night. Ethereum (ETH) is down 1% but is still above USD 3,000. Ethereum is now worth $3,404. Binance coin (BNB) and cardano (ADA) alternate for third place by market cap. BNB is down 0.7% while ADA is down 2.8%. Cardano drops out of the top 3 again due to this drop.

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Just outside the top 10 we see a noticeable riser. LUNA, now in place 11, is 7.2% in the plus! Over the past 7 days, the altcoin is even almost 30% in the green. Yet LUNA is not the biggest climber at the moment. That’s axie infinity (AXS). The cryptocurrency of the non-fungible token (NFT) game is 35% in the plus. AXS even rose 118% last week!

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