Bitcoin Cash (BCH), Chainlink (LINK), and Litecoin (LTC) have also gained 7.1%, 8.08%, and 8.2% respectively.
For most of the day, Bitcoin remained above $17,000 and peaked at $17,789 showing signs that BTC is gradually regaining its momentum.
Still, some traders are not ruling out the possibility of BTC plunging lower. A pseudonymous trader “Wolf” said BTC weekly chart is showing signs of overextension which could cause a retest of the $13,000 region. Another trader with the moniker “Crypto Capo” stated that he sees a scenario playing out where BTC rises to $18,000 then falls to the $13,000 region.
However some analysts think that following such a major correction, some consolidation is to be expected as price searches for stability.
One positive trend is that buyers have been aggressively defending the $16,411 support area, which is marked by whale clusters. This shows that there is sufficient buyer demand in the market to prevent a broader pullback, at least in the short term.
Tether Market Cap by CoinMarketCap
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