Following the past days of notable price developments within the cryptocurrency market, most assets have calmed. Bitcoin remains just shy $13K, while some of the major altcoins have even retraced slightly.
Bitcoin struggles at $13K
The past seven days were impressive for Bitcoin. After a brief dip to $11,400 last week, the leading cryptocurrency went on a roll. Positive news from PayPal only accelerated BTC’s bullish run, resulting in a fresh 2020 high painted a few days ago at $13,200.
After that, Bitcoin has maintained a relatively robust position around the $13,000 mark. In the past 24 hours, Bitcoin has hovered around that level as well.
The only exception came a few hours ago when it tanked to $12,730 on Bitstamp. However, the bulls quickly took control and drove it back to the familiar ground.
From a technical standpoint, the new 2020 high of $13,200 is the first important resistance in BTC’s way up. Should the asset break above it, the next ones are $13,400, $13,500, and $13,600.
Alternatively, Bitcoin could find support at $12,550, $12,400, $12,125, and $12,000 in case the recent trend reverses and Bitcoin heads south.
Altcoins joined Bitcoin $13K party with a slight delay last week. Nevertheless, they marked some significant gains, which ultimately increased the total market cap by over $40 billion in a week.
The situation has changed a little in the past 24 hours. After jumping above $415 yesterday, Ether has lost some value and currently trades beneath that level. Ripple (-1.6%), Bitcoin Cash (-0.8%), Binance Coin (-0.9%), and Cardano (-1.6%) have also dipped slightly on a 24-hour time frame.
Polkadot has increased by about 2%, while Chainlink has gained 3%. LINK’s great performance as of late has driven the asset above $12.
Reserve Rights (-6.5%), Energy Web Token (-6%), HedgeTrade (-6%), and OKB (-5%) have lost the most value in the past day.