BTC price regained support above multiple zones amid sustained upside on Monday
Bitcoin price is up 7% in intraday trades on Monday after bulls shrugged off a weekend sell-off catalysed by fresh negative news from China.
The price of the benchmark cryptocurrency hit highs of $ 44,338 during the Asian trading session, with the best crypto cascading up through major altcoins.
Among altcoins, Ethereum (ETH) is seeing the most gains in the top-10 category by market cap, with ETH/USD up 12% in the past 24 hours. Other coins to show quick recoveries after Friday’s sell-off are Solana (SOL) with 9.8%, Binance Coin (BNB) with 9.3% and XRP with 7.6%.
Overall, the total crypto market capitalisation rose more than 6% to stand at around $2.03 trillion at the time of writing.
BTC price bounces above $ 44,000
The price of Bitcoin fell to a low of $ 40,555 last week as panic hit the market following a further crackdown on Bitcoin and crypto trading in China. The dump threatened to send BTC price below $40,000, but after a weekend of bullish strength, the crypto is back above $44,000 as buyers target more gains this week.
Bitcoin’s rebound comes as some major crypto-related stocks have collapsed due to the Chinese crackdown. According to Reuters, the stock prices of Huobi Tech and OKG Technology Holdings dropped 30% and 20% respectively early on Monday.
As crypto-related stocks plummeted, BTC saw a slight rise.
Looking at the daily chart, crypto analyst Rekt Capital suggests BTC price is set to see further growth if bulls achieve a daily close above $43,800.
At the time of writing this article, BTC / USD is trading around $ 43,850 as some retail investors take profit. However, the technical outlook signals a bullish continuation as prices hold above the 50 moving average on the 4-hour chart at $43,632.
If the positive picture remains relevant over the next few days, buyers can target the 4-hour 100 moving average at $ 45,151, then horizontal resistance near $ 46,700.
