Last week was a tough one on the cryptocurrency market. Many cryptos corrected heavily, eliminating weeks of green gains. On the contrary, this week was a stable one as coins managed to consolidate. Bitcoin was one of those cryptos that fell to a strong support area, then reached back its important level. Will Bitcoin manage to reach 60K again? Or should we anticipate a short-term bear market?
What happened to Bitcoin Prices?
Last week, prices of Bitcoin dipped from a high of USD 64,500 all the way to a low of USD 47,800. This price adjustment comes after an extended uptrend, making BTC lose more than 25%. Many reasons led to this crash, and we wrote a previous article stating the different factors that contributed to this sudden dump.
On the other hand, zooming out tells a completely different story. While prices did in fact fall more than 25%, prices simply eliminated past gains that happened from the previous week. In fact, Bitcoin is so far up by more than 85% year-to-date, beating its legacy finance peers in terms of performance.
Can Bitcoin breach 60K again?
It is no surprise that Bitcoin broke its uptrend momentum. This is not a bad thing, sometimes prices do need a breather every now and then, especially when bad news spread in the market. Those negative elements also form a snowball effect, pushing prices to fall further. So far, prices are still stable and are back to the consolidation area between 50K and 60K. Currently, BTC prices sit right in the middle, and two case scenarios are as follows:
- Prices consolidate, then break the 60K price mark (strong probability)
- Prices lose their momentum and fall below the 50K mark (weak probability)
Crypto Market as a Whole
In the past 24 hours, the crypto market is still suffering from the previous price adjustment that happened last week. Bitcoin’s dominance dropped below 50%, showing the strength of Altcoins. Dogecoin is doing wonders again, with the latest news that its picture would be shown behind Mark Cuban on the Ellen show later this week. On the other hand, thanks to the European Investment Bank, Ether pumped to a new ATH and is still on the rise.
1- Bitcoin (BTC) : – 0.53 %
2- Ether (ETH) : + 2.31 %
3- Binance Coin (BNB): – 1.52 %
4- Ripple (XRP) : – 4.76 %
5- Tether (USDT) : 0 %
6- Dogecoin (DOGE) : + 17.46 %
7- Cardano (ADA) : – 1.98 %
8- Polkadot (DOT) : – 3.20 %
9- Uniswap (UNI) : – 1.01 %
10- Litecoin (LTC): + 0.21 %
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Rudy Fares