Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $45,146.15 (+0.46%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $3,496.41 (+0.3%), while Binance Coin has lost 1.73% and is now trading at $525.4.
FxPro's team of analysts say:
"Bitcoin is up 2% over the past 24 hours and is currently trading at around $45,500. It looks like Bitcoin has managed to survive the correction triggered by Elon Musk's disappointing statements. The stabilization of the price of the reference cryptocurrency has exerted a positive effect on the rest of the crypto market, where positive dynamics prevail during the morning.
On the technical side, in the short term, Bitcoin can be expected to bounce off the support line. At the same time, it should be understood that this is a downtrend with local peaks at $65,000 in mid-April and $59,000 during the first ten days of May. In addition, there are two consecutive lows: $47,000 in April and $42,000 earlier this week. Within this range, the resistance line is the $55,000 area.
The RSI on the daily charts is near 30, the oversold area, and the crypto fear and greed index is at 21 (extreme fear).
Price stabilization and technical oversold, as well as the positive dynamics of the stock and gold markets, allow us to look positively at the nearest prospects for BTC. Bitcoin might retest the $48,000-$50,000 area in the coming days."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,114,634,632,891.
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