The cryptocurrency market witnessed another big bullish movement among cryptocurrencies after the market hit the $3 trillion mark. Polkadot, Dogecoin and Solana benefited the most.
Bitcoin, the largest cryptocurrency by capitalization, dropped about 3% in 24 hours and reached a price of $62,000. This Thursday morning (11), the currency had recovered 0.44%. The current price of cryptocurrency is around US$ 65,000.
Ethereum, the second-largest cryptocurrency, has dropped about 1% in the last 24 hours. The current price of the cryptocurrency is US$4,706.
Another cryptocurrency that also fell, but is still showing signs of recovery, is Solana. The cryptocurrency rose about 3% in the first hours of the day, reaching the price of US$240.
In addition, other cryptocurrencies also performed satisfactorily. According to TradingView data, Polkadot, Cardano and meme, Dogecoin and Shiba Inu currencies rose again this Thursday morning.
The jump in market appreciation placed Cardano in 4th place in the ranking of cryptocurrencies with the highest capitalization.
Bitcoin starts price correction
Bitcoin price began a downward correction to below $66,000 against the US dollar. The BTC extended its price correction to $62,000 overnight, but soon recovered.
Bitcoin price failed to pick up pace above the $66,000 resistance zone. As a result, the BTC saw a bearish reaction below the $65,500 support level. The 100-hour simple moving average was also lower than expected.
If bitcoin fails to clear the $65,000 resistance zone, it could extend its downward correction. Immediate support on the downside is near the $63,500 level.
The first major support is now forming near the $63,000 level. The next big support is near the $62,500 level, below which the price may even have difficulty staying above the $62,000 support zone.
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