Yaz Sheikh, Publisher at CoinCodex

Bitcoin took a steep 7% price plummet today as it drops into the $54,750 support provided by a short-term .382 Fibonacci Retracement level. The coin had been trading above $59,600 yesterday but failed to overcome resistance at a falling trend line from the April ATH price and started to roll over.

Bitcoin remains beneath $60,000 this week. However, Ethereum has been the main driving force behind an altcoin boom. Over the past month, Etheruem managed to surge by a whopping 99% to climb above $4,000 today finally. This has helped a large number of altcoins to start seeing some huge price hikes over the past few days.

Ethereum Classic is on a rampage after surging by over 830% this month, allowing the original but “wrong” Ethereum to hit a new ATH price of around $158.71. The cryptocurrency started the month at around $40 and went on to break the 2018 Highs at $47.25. From there, it continued to explode after printing a 7-day price increase of over 285% to set the new ATH yesterday.

Chainlink saw a robust 31.5% price surge over the last week of trading as the cryptocurrency managed to spike past $50 and reached a new ATH price at $54.40 (1.618 Fib Extension). The cryptocurrency had also penetrated above a very long-term rising trend line yesterday that dated back to June 2020.

The Dogecoin rampage continues today after surging 22% to set a new ATH price around $0.5. The previous ATH was at $0.45, and DOGE headed lower from there until support was found at $0.25. It rebounded from this support toward the end of May and started to surge this week to rise by a total of 72% and create the new ATH price today.

The price of Bitcoin took a slight 3% tumble today after rising into resistance at $58,270 (bearish .618 Fib Retracement). It had reached this resistance on Friday and could not break above it during the weekend. As a result, it has rolled over today and dropped as low as $55,000 before bouncing to the current $56,110 level.

Bitcoin continues to hold strong as it bounces back above $55,000 this week and is nearing back to the $60,000 level. The strongest bullish factor within the market is Etheruem breaking the $3,000 level today to set new ATH prices. This bullish run for Ethereum has allowed a plethora of other tokens to start surging also.

Ethereum continues its surge today with another 10%+ price hike, allowing the coin to break past $3,000 and head toward $3,200. The cryptocurrency has officially gone parabolic after it broke toward the upside of an ascending price channel on Saturday as it took out resistance at $2,811.

After a fortnight of negative pressure, Bitcoin finally managed to reverse and rebound back above the $50,000 level at the start of this week. This rebound has brought new life into the cryptocurrency industry and has started to help a lot of altcoins to also start a recovery this week. Some of them have even managed to go on and create new ATH prices.

Bitcoin has finally started to show some strength again with today’s 4% price hike pushing it back toward the $55,000 level. The coin had seen a rough fortnight since setting a new ATH price above $64,000 during the middle of April. Since then, it has been in a consistent downtrend and actually became the most oversold it has been since March 2020 according to the RSI.