Bitcoin Price Rebounds Above $56,000

On the evening of Friday, July 5, the price of the leading cryptocurrency returned to the $56,000 mark, gaining 4% over the past 24 hours.

At the time of writing, Bitcoin is trading at $56,600.

All digital assets in the top 10 by market capitalization have turned “green.” Toncoin (+14.5%), Dogecoin (+12.4%), and Solana (+8.2%) saw the largest gains over the past 24 hours.

The total market capitalization of digital assets stands at $2.18 trillion.

According to Coinglass, the total volume of liquidated positions over the past day amounted to $191 million, with $140 million in shorts.

On Wednesday, July 3, digital gold failed to maintain the $61,000 level. The following day, Bitcoin fell below $57,000. On the morning of July 5, the leading cryptocurrency plunged to $54,000.

Some experts have suggested that Bitcoin could collapse to $50,000. They believe the sharp decline in the asset will not be limited to the current level due to a shift in sentiment.

Meanwhile, analysts at Standard Chartered have forecast a new all-time high for the first cryptocurrency in August, with a subsequent rise to $100,000 by the U.S. presidential elections in November.