Bitcoin bulls have returned since BTC bounced at a critical support stage.

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Since BTC bounced off the lower Bollinger Band, the price of bitcoin seems to be gaining bullish traction.

On April 7, a surge of selling seized control of the cryptocurrency market after the price of Bitcoin (BTC) fell below $56,000.

The market-wide sell-off resulted in $1.4 billion in liquidations, with some observers speculating that this could be the last sweep out of overleveraged long traders before Bitcoin would make a run to $70,000.

 

BTC/USDT daily chart. Source: TradingView

The quickly raising Kimchi premium was one indication that the market had gotten ahead of itself over the past week, which was followed by a 7% drop in BTC price on April 7 as traders worried that it might be the trigger for a market peak.

Despite the market slowdown, on-chain data analysis shows that Bitcoin could soon see a rebound to a new all-time high as whales, miners, and long-term investors have reduced or stopped selling, and institutional interest remains strong.

Traditional markets near record highs

On Tuesday, equities markets traded near all-time highs as accelerating employment growth, record levels of service sector investment, and an acceleration in manufacturing fueled unexpected optimism, propelling stock prices higher.

RECOMMENDED READ:  Bitcoin price blasts past $27K — BTC market cap now over half a trillion dollars

Despite this good news, the Dow and NASDAQ ended the day down 0.06 percent and 0.16 percent, respectively, while the S&P 500 ended the day up 0.06 percent.

Coinbase listing provides a little relief

After Coinbase announced that it will list 1INCH, Enjin (ENJ), New Kind of Network (NKN), and Origin Protocol (OGN) on Coinbase Pro, a few altcoins rallied during the day.

Following the launch, the price of 1INCH and ENJ increased by 5%, while Origin Protocol increased by 10% and NKN increased by 27%.

Solana (SOL) increased by 10%, while Ethereum (ETH) fell by 7% to trade below $2,000.

 

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $1.90 trillion and Bitcoin’s dominance rate is 55.6%.

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