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Bitcoin’s (BTC) price movements have been unable to find a footing in this new year as it struggled to hold the $44,000 level it gained after a bounce last week. BTC has traded between $42,000 and $44,000 most of the week and is now below the key $42,000 level that may allow it to revisit sub-$40,000 in the week ahead. All the top 20 cryptocurrencies are in the red today as we analyze the outlook for the crypto market this week.
Last week’s relief rally post a bounce of key support allowed BTC to trade above $42,000 most of the week. However, it has lost momentum leading into the weekend as bears gain confidence that the number one crypto will fall to lower levels in the upcoming weeks. BTC is currently trading at $41,500, a 3% drop on the daily timeframe. It is highly likely that BTC will retest its support at $39,600 again soon indicating that the downtrend may not yet be over.
Ethereum (ETH) failed to tackle its major resistance at $3,370 this week and has dropped down to test the $3,150 level in the interim. Given that ETH has successfully tested $3,000 earlier this month, investors will be hopeful that ETH continues to consolidate in the $3,000-3,500 range even if BTC fails to hold its lower level support. ETH, currently trading at $3,130 is marginally up on a weekly basis by 0.6%.
All the top 20 cryptocurrencies were in the red today even as key altcoins rallied mid-week. Cardano (ADA) has gained 28% on a weekly basis amidst the anticipation of the launch of Sundaeswap, a decentralized exchange (DEX), on the platform. ADA is trading near the psychological level of $1.5 currently. Dogecoin (DOGE) has gained 7% on weekly timeframe after Tesla announced the acceptance of DOGE as payment for its merchandize. Terra (LUNA), Uniswap (UNI) and NEAR Protocol (NEAR) were the other top 20 cryptocurrencies with at least 4% weekly gains.
Bitcoin (BTC) investors face a crucial week as $42,000 rekindles a familiar battle for the bulls to defend its consolidation. Data from on-chain analytics firm Glassnode suggests that 30% of the BTC supply is now trading at a loss. This is an historically significant percentage that the bulls will look to defend in the coming weeks.
Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.