Bitcoin Recovers Above $56K as Altcoins Also Bounce: Weekend Watch


It’s safe to say that the cryptocurrency market went through a lot during the past couple of days, with prices tumbling to levels not seen since February.

It appears that the bulls are now attempting a comeback or, at the very least – a slight recovery.

Bitcoin Price Increases Above $56K

At the time of this writing, BTC is trading above $56K, charting an increase of around 4% in the past 24 hours.

The cryptocurrency had previously crashed to a 5-month low to $53,550, but the bulls were able to push back and recover around $3K from the lows.

BTCUSD_2024-07-06_09-18-35
Source: TradingView

The correction came amid looming fears of increased selling pressure because Mt. Gox started repaying its creditors, as well as the fact that the German Government is continuously liquidating the BTC they seized years ago in a high-profile case.

Altcoins Bounce Back as Well

The majority of the altcoins are also attempting a recovery and have managed to bounce back from the recent lows.

Source: Quantify Crypto

As seen in the heatmap above, the market is entirely in green. AVAX soared by 12%, same as TON, DOGE, and PEPE.

Shiba Inu (SHIB) – the popular dog-themed meme coin – managed to recover by a whopping 15%.

Large-cap cryptocurrencies such as Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC, and others, are charting gains in the range between 4.5% and 10%.

All in all, the market is obviously taking a breather but it’s interesting to see if this will last through the week or if there’s another wave of selling incoming.

It’s worth pointing out that many experts have called the recent correction a normal one and have also reminded that 30% declines have happened well too often in the past during bul markets.

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Cryptocurrency charts by TradingView.



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