Date: Friday, August 09, 2024, 05:45 AM GMT
The crypto market shown a strong recovery after a rough period that saw Bitcoin drop from $70K to $49K. Now, the mood is shifting to a more positive tone, as major cryptocurrencies, including popular memecoins.
Bitcoin has been leading the charge with a stunning 24% jump in the last four days. As of now, Bitcoin is trading at $60,963, a significant recovery from its recent low of $49,000. This impressive rebound in Bitcoin’s price has sparked a strong recovery in memecoins, with Pepe $PEPE , Dogwifhat $WIF , and Bonk $BONK seeing notable gains.
Source: Coinmarketcap
What to Expect Next?
Source: TradingView
The recent recovery in the crypto market can largely be attributed to Bitcoin’s strong pullback from its bottom level of $50,800. This has pushed Bitcoin to its current price of $61K, and in just the last 24 hours, Bitcoin has surged by nearly 7%.
If Bitcoin manages to hold and build upon this momentum, we could see it test the next resistance level at $63,474. This continued upward movement in Bitcoin would likely give an additional boost to PEPE, WIF, and BONK, potentially leading to further price surges for these memecoins.
However, it’s important to keep in mind that the crypto market is highly volatile, and these gains could be short-lived if Bitcoin fails to sustain its current levels.
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Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk, and you should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
