The Bitcoin price is once again making an attempt to break the $ 50,000 price level as it has done before. However, all attempts failed to surpass that level, leading to further price falls in crypto assets. Ethereum on the other hand is still struggling to keep the price above $ 4,000.
Within 24 hours, Bitcoin had traded around $ 49,000 and embarked on the long-awaited move of a break above the $ 50,000 price. Interestingly, Bitcoin managed to break that level but unfortunately it failed to stay above $ 50,000 in the next hour and caused the BTC price to fall as far as the $ 48,000 price level.
Since last Saturday’s massive price correction, where the BTC price has fallen from $ 58,000 to $ 42,000, the crypto asset has been unable to reclaim the $ 50,000 price level, despite several attempts.
Waima so, the second largest crypto asset namely Ethereum showed better performance than Bitcoin despite having lost momentum from $ 4,650 to $ 3,500 in the hours before it bounced back. At the time of writing the Ethereum price is trading at $ 3,943.17.
On the other hand, Binance Coin (-3%), Solana (-2.5%), Cardano (-2%), Dogecoin (-2%) and CRO (-1%) are also in the red sea of larger-capitalized alt coins.
The market is currently focusing on the $ 47,685 support level, if Bitcoin fails to close above this level then there is a probability it will fall to the $ 43,710 level. On the other hand for bullish momentum, the market expects the Bitcoin price to close above $ 51,659 so that it continues to bounce back to the $ 60,000 level.
