Crypto Currency News

Bitcoin Price Seeks Stability Following ATH and Subsequent Profit Taking

The major cryptocurrency is trading just above $65,000

Bitcoin (BTC) fell 5% in the last 24 hours and is trading above $ 65,000. The leading cryptocurrency market experienced a $ 700 million profit-taking in a few hours yesterday afternoon, but the price has defended its main supports. As of press time, the price of BTC is $ 65,389.

Yesterday morning, BTC broke its all-time high (ATH) by breaking above $ 69,000. However, in just 12 hours it corrected by almost $ 6,000 and registered a weekly minimum of USD 63,238. However, it quickly rebounded and rallied above $ 65K again.

While many specialists mark the current level as the barrier to defend, the strongest technical support points are below $ 60K, mainly at $ 57K and $ 5KK, so BTC is still far from a risk of abrupt decline.

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On the contrary, optimism continues to characterize investors and market analysts, who are already thinking about the new resistance levels: 74, 76 and 78 thousand dollars.

Despite today’s drop, BTC continues to grow 7% weekly, amounting to 15% and 40% on the monthly and quarterly charts, respectively.

The rest of the crypto market also had a red day. Ether (ETH), the leading altcoin, is down just over 2%, and as of press time, its price is $ 4,751.

Binance coin (BNB) and Solana (SOL) are down 4% and 2%, respectively, and their price is at USD 626 and USD 238. Polkadot (DOT) and Litecoin (LTC) corrected by 6% and fell to USD 47 and $ 266, while Cardano (ADA) and XRP tumbled by nearly 8% and are trading at $ 2.09 and $ 1.21 respectively.

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Lastly, the most famous meme cryptocurrencies on the market had mixed returns. Dogecoin (DOGE) is down 2% and is trading at $ 0.26, while Shiba Inu (SHIB) is up 10% to hit $ 0.00005638.

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