Bitcoin (BTC) corrected sharply on Saturday, May 17, with a massive sell-off seeing it post losses over $1,000 on the day.
Like the rest of the cryptocurrency market, the top crypto pushed higher on Sunday to reach levels just below the key $8,000 price point.
Bitcoin rose by more than 9 percent to trade at $7,978 and although the coin is down 1.1% on Monday morning, it remains well positioned above its support zone at $7,600. Prices may slip short-term, but even then, BTC has strong support at levels above $7,250 and $7,400.
At the moment, Bitcoin has a major bullish trendline surfacing at its $7,610 support zone and could see an upside that takes it above $8,000 to levels near $8,300.
BTC is trading at $7,904 at press time and is 10.09% up in the last 7 days. Bitcoin dominance has risen to 56.9%, with CoinMarketCap showing that over $23.9 billion worth of bitcoin has been traded in the last 24 hours.
The rest of the top ten cryptocurrencies by market capitalization have also pushed higher following the massive dip witnessed Friday.
Ether (ETH) rose by more than 8% on Sunday to trade at prices above $256. A slight dip sees it currently trading at $251 against the dollar. ETH is over 31% up on the week and like BTC, is forming a bullish trend line that could see further upsides.
The third largest crypto by market cap XRP is 2.54% down on the day, but it remains more than 25% higher on the week. The coin is currently trading at $0.40 against the U.S. dollar.
For the rest of the altcoin market, the biggest gainers in the top 20 crypto category over the weekend were Bitcoin Cash (BCH) with 13% and Dash (DASH), which rose 10%.
The global market capitalization of the cryptocurrency market currently stands at $245.9 billion.