Bitcoin’s Price Regains Some Losses, Signals Still Show Indecisive Crypto Markets – Markets and Prices Bitcoin News
Bitcoin’s price has been up and down like a yoyo since the beginning of the year. At the time of writing, it’s down just over 9% from its peak of $17,061.62 set on December 17 (according to the CoinDesk Bitcoin Price Index). However, looking at the latest price data from the CME CF Bitcoin Reference Rate (BRR), it is down just 1.5% from its most recent high of $16,092.64 set yesterday. Other major cryptos have followed a similar pattern, with Ethereum, Litecoin, and Ripple all posting losses of around 10% over the last week and a half. Bitcoin Cash is down almost 14% since December 17.
Bitcoin has seen a steady decline from the record high of over $19,000, largely due to the split that had helped Bitcoin Cash to emerge. We had discussed that Bitcoin would rally during this time, and it has. It is currently up about $700 since the last time we wrote.
Bitcoin’s price has recovered from its latest plunge (which was actually a recovery of a plunge from the day before). Mass media outlets have been reporting on Bitcoin’s volatile price for years now, and the cryptocurrency’s tendency to quickly lose and regain value has been a regular topic. Some have attributed this to the markets still finding a base after the 2017 bull run that saw Bitcoin’s value increase by thousands of dollars in a matter of months, while others have suggested that the markets are just artificially inflated by pump-and-dump groups that capitalize on the hype surrounding Bitcoin to make quick profits.
Prices on the digital currency market have plummeted in recent days, as the value of the crypto economy stands at $1.53 trillion. Trading volume in cryptocurrencies rose by a hair on Sunday, with several crypto assets posting decent percentage gains over the past seven days.
Cryptocurrency prices are consolidating as traders wait to see who will take the reins – the bears or thebulls.
Last week, cryptocurrency advocates saw billions of dollars written off of the entire cryptocurrency economy, and many are wondering where it will go next. Bitcoin (BTC) rose above $40,000 again a few days ago, but dropped below $34,000 on Saturday.
At the time of publication, BTC is trading at $36.098 per unit and is up more than 3% against the U.S. dollar this week. Despite last week’s 4% increase, the 30-day percentage shows that the price of bitcoin is still down 35%.
The top five bitcoin (BTC) pairs traded on Sunday 30. The 2021 was perhaps Tether (USDT) with 57% of all trades, USD with 14%, BUSD 5.7%, JPY 4.85% and EUR with 4.82%.
The second largest exchange, Ethereum (ETH), is trading at $2,439 per unit on Sunday. ETH is still down 10% over the last 30 days, but weekly statistics show that ETH is up 16%.
Of the top ten crypto assets by market cap, Cardano (ADA) posted the biggest gain in 24 hours today. ADA is trading at $1.68 apiece and is up over 13% as of this Sunday morning (ET).
Akash Girimath, an analyst at Fxstreet, says the price of bitcoin (BTC) is currently oscillating between hoarding whales and miner problems. Girimat’s forecast is rather gloomy and bearish, but BTC still has a chance to overcome the losses, according to Girimat.
As grim as it sounds, Girimath says. The bitcoin price still has a chance to go higher, at least to $42,000. The bearish thesis set up by the head and shoulders technical setup will be disproved if BTC closes the day candle above the $42,000 resistance level.
Meanwhile, bitcoin (BTC) returned to the market this week despite losses. At the time of publication, BTC’s dominance stands at 43.1%, while ETH holds about 18% on Sunday.
Sunday’s biggest winners were Kicktoken (KICK), up 132% today, and stakenet (XSN), up 91% in the past 24 hours.
The biggest losers this weekend are Token Cube (AUTO), which is down 60% today, and Agrello (DLT), which was also down 60% this morning.
What do you think of the crypto-currency market prices this weekend? Do you foresee a recovery or a continuation of the downward trend? Let us know what you think in the comments below.
ada, Akash Girimath, analyst, bitcoin, BTC, crypto, crypto assets, crypto-economy, cryptocurrency, ETH, Ethereum, gains, losers, market cap, market updates, markets, percentage losses, price, USD, value Photo credit: Shutterstock, Pixabay, Wiki Commons, Bitcoinwisdom.io, Twitter, Coingecko, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The price of bitcoin has been fluctuating for the past few days, after dropping from over $9000 to just above $8200. The price has recently started to rise, although it is not quite clear if this is the start of another parabolic rise, or simply a correction. Regardless, the daily chart shows that we are in a large downward channel, with the price attempting to break out of it. The support levels are currently around $7600, $7500, and $7300, while the resistance levels vary from $8200 to $9000.. Read more about china and cryptocurrency news and let us know what you think.
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