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Bitcoin Strong At $40K: Will It Be Another Wild Weekend? (Market Watch)

Summary:
Following another all-time high and a wildly volatile day, bitcoin has retraced slightly and calmed around the ,000 price mark. Most large-cap alternative coins have also lost some steam, but some lower- and mid-cap ones have skyrocketed in the past 24 hours.Bitcoin Stalls Beneath KThe past several days have been quite bullish for the cryptocurrency. After it dipped briefly beneath ,000 on Monday, bitcoin went on a roll. It reclaimed the ,000 tag almost immediately and continued upwards to new records.The latest one came just yesterday. BTC took down another milestone – ,000 – and kept marching on to ,000. This became the asset’s newest all-time high. This increase meant that bitcoin has added over ,000 in just five days – since the Monday dip.However, the bears took

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Following another all-time high and a wildly volatile day, bitcoin has retraced slightly and calmed around the $40,000 price mark. Most large-cap alternative coins have also lost some steam, but some lower- and mid-cap ones have skyrocketed in the past 24 hours.

Bitcoin Stalls Beneath $40K

The past several days have been quite bullish for the cryptocurrency. After it dipped briefly beneath $28,000 on Monday, bitcoin went on a roll. It reclaimed the $30,000 tag almost immediately and continued upwards to new records.

The latest one came just yesterday. BTC took down another milestone – $40,000 – and kept marching on to $42,000. This became the asset’s newest all-time high. This increase meant that bitcoin has added over $14,000 in just five days – since the Monday dip.

However, the bears took charge at this point and drove BTC down to about $38,800 (on Bitstamp). Nevertheless, the primary cryptocurrency has recovered some losses and currently trades around $40,300.

The technical indicators suggest that the most significant support lines that BTC could rely on in case of another retracement are at $38,000, $37,150, and $36,000.

Alternatively, bitcoin has to overcome the resistance level at $42,000 to resume its bull run and head towards the next obstacles at $43,445 and $45,000.

It’s interesting to note, however, that the two weekends before this one were particularly wild and Bitcoin created serious CME gaps that later got filled amid massive volatility.

btcusd_hart
BTC/USD. Source: TradingView

Large-Cap Altcoins Relax, Lower-Cap Explode

The past several days have been highly volatile for the altcoins as well, with substantial double-digit price movements. After the latest gains, though, most larger-cap alternative coins have calmed on a 24-hour scale.

Ethereum, Ripple, Bitcoin Cash, and Chainlink are essentially positioned at the same levels as yesterday. ETH trades around $1,200, BCH is at $430, XRP at $0.32, and Link at $15.56.

Binance Coin (-2%) and Polkadot (-3%) have lost the most from the top ten, while Litecoin has gained 3% to $168.

heatmap_crypto
Cryptocurrency Market Heatmap. Source: Quantify Crypto

However, while larger-cap altcoins have remained still, the situation with lower- and mid-cap ones is significantly different.

IOST leads the double-digit price increase club with a 75% surge. Avalanche (45%), Solana (38%), BitTorrent (30%), Yearn.Finance (27%), Band Protocol (26%), IOTA (24%), Hedera Hashgraph (22%), SushiSwap (22%), and NEAR Protocol (16%) are some of the other representatives.

Although the total market cap has decreased slightly from yesterday’s high at $1.1 trillion, it still hovers above the coveted $1 trillion level.

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