BTC gathered some massive momentum this morning to erase most of the losses that came about during yesterday’s overnight plunge.
During that selloff, the price fell to under $30,000 in what was one of the largest red daily candles in the digital asset’s history. The latest retracement saw BTC shave as much as $11,000 and 27% from its 2021 peak.
Last night’s nasty decline took BTC as low as $28,000, indicating that capitulation amongst bitcoin holders had reached boiling point. Many investors feared that the multi-month uptrend that propelled BTC above $40K was over and that a sharp retrace was imminent.
Nevertheless, bulls have since regained full control over the leading cryptocurrency’s price action. As of this article’s writing, BTCUSD is up just over 1% at its price of $32,400, and it is now well primed to see further upside in the near-term.
BTCUSD Chart By Tradingview
As earlier reported by The Daily Chain, the rebound came after news broke that Microstrategy, a recent big buyer of bitcoin, has added 314 coins to its treasury.
Investors Urged to Scoop Up Altcoins Over Bitcoin
As BTC continues to encounter immense turbulence, which has primarily favored bears over the past few days, more and more investors are looking to buy alternative digital currencies
One altcoin expert is urging investors to watch for, and purchase any alts that are currently holding up well against bitcoin as it plummets from its recent FOMO-driven peak.
Nik Patel, the author of “An Altcoin Trader’s Handbook,” suggests that alts like Ethereum, Chainlink, and Uniswap are worth paying closer attention to, as they have been outperforming BTC in the recent past.
“Alts that are either holding firm or slightly rallying here vs BTC despite the breakdown are the ones you want to be buying. There’s quite a few,” the altcoin expert tweeted.
ETH Price Starts Recovery Above $1,200
The ETH price has started a strong recovery wave after earlier crashing close to 20% and testing the $1,050 support zone.
The price is now correcting losses from yesterday’s sharp decline to $1,042 that coincided with bitcoin’s overnight selloff.
As of this article’s writing, ETHUSD has broken above the $1,200 and $1,210 levels. The top altcoin is currently up 3.3% to change hands at $1,235.
ETHUSD Chart By TradingView
