Bitcoin has found support just above $60,000, potentially giving altcoins the green light to rise in the short term.

After remaining within range for much of the week, Bitcoin took a nosedive on April 12th and 13th. The drop resulted in cryptocurrency liquidations totaling around $2.5 billion, with more long positions being liquidated than shorts.

It was a harsh blow to short-term leveraged long positions that were expecting the uptrend to continue before and after Bitcoin's halving. Bitcoin's drop severely affected altcoins, with some of the top 20 cryptocurrencies by market capitalization falling by about 20%.

This pushed Bitcoin's market dominance to 56.3% on April 12th, the highest level in three years. Despite Bitcoin's drop shaking short-term traders, a positive sign is that the price didn't even break below the crucial support of $60,000.

This suggests that the drop is a normal pullback in a bull phase. Traders need to remain cautious, but there doesn't seem to be a reason for panic.

It's essential to watch for important support levels for Bitcoin that need to be maintained for a relief rally to begin.

We'll analyze the top 5 cryptocurrencies that appear strong on the charts and could lead to a higher recovery. #bitcoin #BTC🔥🔥🔥🔥🔥🔥 #BTCHalvingApril2024 #btc #Cryptocurrencies