Bitcoin hit a local bottom of $46,930 on the Binance exchange late Sunday night, after which buy-side support came in. On the first business day of the week, Bitcoin is up by about 9% and was trading at $53,450 by the time of writing. After a bloodbath over the weekend, BTC has bounced back 14.09% from last week's low. In the upshot, Bitcoin’s market capitalization climbed to $1.988 trln, with market dominance at 50.3%.
Today's rebound is in line with a scenario seen back in February as a similar buying pattern is shaping up. Back then, the price action plunged 26% to $43,000, and by 37% to $46,930 in April. In February, the downtrend had three bottoms and the same trend emerged in April. A sharp rebound was seen in pinbars (candles with long lower shadows).
Closing the day above $51,500 would pave the way for a false breakout of the trendline at $50,500 seen on April 24. Buyers need to win back 50% ($55,892) of the decline in order to regain control and quell bearish sentiment. In the upshot, $60k is in the crosshairs.
Altcoins today are outperforming BTC today. Ether recovered to $2,520 compared to an all-time high of $2,645. It shows strong support from cross pairs (Ether/alts and Ether/BTC), so the odds are high that it could reach the $2,900-3,000 range this week. The main thing here is that bitcoin does not suffer another major setback, otherwise alts would decline at a faster pace than the leading cryptocurrency.