Bitcoin bulls are returning after BTC bounced off key support level

A sell-off took over the crypto market on April 7th after the price of Bitcoin (BTC) fell below $ 56,000..

The market-wide sale resulted in $ 1.4 billion in liquidations and some analysts suggested that this may be the last round of overfunded long traders before they do Bitcoin could take a step towards the $ 70,000 level.TO

BTC / USDT daily chart. Source: Â TradingView

One sign that the market had stood before itself for the past week was the rapid rise in the kimchi premiumThis was followed by a seven percent drop in BTC price on April 7th as traders feared it could be a sign of market cap.

Bitcoin bulls are returning after BTC bounced off key support level
Bitcoin bulls are returning after BTC bounced off key support level

Despite the market downturn, analysis of the chain data suggests it Bitcoin could soon rally to a new all-time high as whales, miners, and long-term owners have declined or stopped selling altogether and institutional demand remains high..

The traditional markets are approaching their all-time highs

The stock markets were close to their all-time highs on TuesdayAs employment accelerated, record activity in the service sector and the expansion of manufacturing led to unexpected optimism, which fueled stock prices.

Despite this positive news The Dow and NASDAQ closed 0.06% and 0.16% respectively, while the SP 500 ended the day up 0.06%..

The Coinbase listing offers some relief

Some altcoins were able to climb all day after Coinbase announced that it would include 1INCH, Enjin (ENJ), New Type of Network (NKN) and Origin Protocol (OGN) in Coinbase Pro

Following the announcement, the price of 1INCH and ENJ saw modest gains of 5%while the Origin protocol saw a 10% increase and NKN recovered 27%.

Solana (SOL) also gained 10% and Ethereum (ETH) 7% to trade below $ 2000.

Daily performance of the cryptocurrency market. Source: Coin360

The global market cap for cryptocurrencies is now $ 1.90 trillion and the dominance rate of bitcoin is 55.6%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of All investments and operations involve risks. So do your own research when making a decision.

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