Bitcoin surged intraday and topped at a new 2-week high of $11,100 but has retraced below $10,900 since then.
Most altcoins recover from the recent losses, with Ethereum rising with 4% to about $380.
Bitcoin To $11,100 And Back
After trading at about $10,800 yesterday, it seemed that Bitcoin reacted positively to the US Federal Reserve announcement that it plans to keep interest rates anchored near zero at least until 2023.
In the following hours, BTC headed upwards. Firstly, the asset broke the resistance and psychological line at $11,000 before reaching its new 2-week high at $11,085 (on Binance). However, the primary cryptocurrency couldn’t maintain its run and has dropped beneath $10,900.
Retracing below $11,000 means that BTC would still need to overcome it decisively if it’s to continue the recent run and head towards the next resistance lines at $11,150 and $11,450.
Alternatively, if the rejection sends Bitcoin further south, the first support level lies at $10,700, followed by $10,400 and $10,000.
On a 24-hour scale, Bitcoin and gold demonstrated increased correlation once more. The bullion also increased in value intraday to $1,975 per ounce before retracing slightly to $1,945.
Meanwhile, the futures of global indices such as the S&P 500, NASDAQ, and the Dow Jones Industrial Average(DJI) are all bleeding out today, marking declines in the range of 1 to 1.5 percent.
Altcoins Recover, ETH Above $380
While Bitcoin was accelerating yesterday and recovering some of its lost dominance, most alternative coins were losing value. Today, though, most alts are in recovery mode.
The second-largest cryptocurrency by market cap leads with a 4% surge and ETH trades above $380. Ripple follows with a similar increase, and XRP stands over $0.25.
DOT retains its 5th position in the top 10, while Bitcoin Cash (2%) falls behind. Binance Coin and Chainlink increase by approximately 3.5% to $27.5 and $11, respectively.
The double-digit price increase club has several representatives. The leader is iExec RLC (38%), and RLC has entered the top 100. DigiByte (18%), Synthetix Network (17%), Kusama (12%), and Blockstack (10%) complete the list.
In total, the cryptocurrency market cap has increased by $10 billion from yesterday’s bottom at $340 billion.
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Cryptocurrency charts by TradingView.