Bulls might have seized the initiative on the market as all coins from the top 10 list are in the green zone.
Yesterday, sellers managed to form a bearish impulse and test the psychological level of $40,000. The January low is set around $39,560.
Buyers reacted with large buying volumes, and the BTC price recovered to the two-hour EMA55 area. Today, this moving average is right at $42,447. If the bulls lose momentum and cannot continue the recovery, then the market has not yet bottomed out.
A break above the $42,447 level can serve as the first signal of a reversal of the market.
Bitcoin is trading at $41,933 at press time.
DOGE is the biggest gainer from the list today, rocketing by 5.35%.
DOGE made a false breakout of the $0.16 zone today. At the moment, neither bulls nor bears are dominating the market. If the daily candle fixes at least above $0.15, buyers will have the chance to gain power and seize the initiative. In the other scenario, a fall below $0.1310 might confirm ongoing bearish pressure.
DOGE is trading at $0.1506 at press time.
SHIB has followed DOGE, rising by 3.92% since yesterday.
Despite today’s rise, the price is trading below the zone of the most liquidity at $0.00002903.
If buyers get back in the game and restore the rise, the fall may continue to the nearest support level at $0.00002010 per SHIB.
SHIB is trading at $0.00002719 at press time.