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Bitcoin is steadily recovering after the bear market that has hit the major cryptocurrencies in the last 24 hours.

Bitcoin’s value collapsed a few days ago. Its worth has dropped below $47,000. This number is lower than it was at the end of April when Bitcoin dropped from a high of over $64,000.

Over the past 24 hours, bears have made many attempts to break through, but bulls have eaten up each red candle. As a result, the crypto price has risen to 50,000 dollars at the time of publishing. This is the first line of defense against new development.

Additional resistance levels are $51,500 and $53,000. The level of $47,000 gave the cryptocurrency strong help. The Bitcoin price has fallen many times to this line but has always bounced back higher.

The outlook for May 14 is positive. Despite the loss of value, the cryptocurrency’s price has partially recovered and is currently challenging the $50,000 resistance stage.

A 20% decrease in daily trading volume serves as a deterrent. Bitcoin’s market capitalization has sunk below one trillion dollars. If the cryptocurrency fails to reach $60,000 in the medium term, the outlook for the next week is bearish. It is possible to roll back up to $45,000 in this case.

The new Bitcoin price can be found on the Poloniex exchange. Let us see what the market has in store for us tomorrow.

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