Bitcoin price has dropped to $60,600 in the last 24 hours, but at the time of writing, it is above $63,000. Although today’s recovery prevents deeper lows for altcoins and brings some hope, it still does not allow investors to breathe easily. So, how should we interpret this recent rise and what are the current market predictions?
Why Did Cryptocurrencies Rise?
Deutsche Bank recently shared various concerns about Tether. This is not the first time mainstream financial companies have done so, generally referring to past regulatory issues. However, Tether has long since eliminated its risk in stocks and other securities by strengthening its cash equivalent reserves, achieving over 100% reserve coverage, and becoming quite profitable, making these statements outdated. Of course, the risk is not eliminated, but it is certainly in a better position than yesterday.
The total value of all cryptocurrency units had dropped to $2.2 trillion but quickly recovered from there. Currently, the total market value is at $2.26 trillion, and the next stage will be to convert the levels between $2.3 and $2.4 trillion into support.
Bitcoin experienced a worrying drop below $61,000 but then rebounded from there. Although it has not yet initiated a test of the $63,720 resistance, it is in a much better position than yesterday. If this level turns into support, a new attempt towards $65,000 and $67,000 could begin.
If upward attempts fail, the price stuck in the chart’s shack below $61,000 could enter a new search for lows.
TON Coin Review
The Telegram-supported altcoin offers an easy way to communicate with the blockchain. This has led to more users interacting with the network and an increase in prices. In the last 24 hours, the price has increased by 16%, showing that the bulls that have been strong for a long time are still in a good position.
TON Coin is currently trading at $6.7, having surpassed the $6.5 resistance. If the rally continues, $7 could be tested. Whether the $6.5 level can be maintained will determine the direction of the price.
