Stagnant Crypto Weekend: Bitcoin Temporarily Stopped at $13,000

Following the past couple of days of significant price developments within the cryptocurrency space, most assets have calmed. Bitcoin remains just shy $13,000, while some of the altcoins have even retraced slightly.

Bitcoin Struggles at $13,000

The past seven days were nothing short of impressive for Bitcoin. After a brief dip to $11,400 last week, the cryptocurrency went on a roll. Promising news from PayPal only accelerated BTC’s bullish run, resulting in a fresh 2020 high painted a few days ago at $13,200.

Since then, Bitcoin has maintained a relatively robust position around the $13,000 mark. In the past 24 hours, the primary cryptocurrency has hovered around that particular level as well.

The only exception came a few hours ago when it tanked to $12,730 (on Bitstamp). However, the bulls quickly took charge and drove it back to the familiar ground.

From a technical standpoint, the new 2020 high of $13,200 is the first significant 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 BTC heads south.

 TradingViewBTCUSD. Source: TradingView

Altcoins Display Red

The alternative coins joined Bitcoin’s party with a slight delay last week. Nevertheless, they marked some notable gains, which ultimately increased the total market cap by over $40 billion in seven days.

The situation has changed a bit in the past 24 hours. After jumping above $415 yesterday, Ethereum 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 scale.

Polkadot has increased by about 2%, while Chainlink has gained another 3%. LINK’s impressive performance as of late has driven the asset above $12.

heatmapCryptocurrency Market Heatmap. Source: Quantify Crypto

The most impressive gainer since yesterday is ABBC Coin. ABBC has pumped by 21% to $0.57. Ocean Protocol (14.5%), Elrond (14%), and Yearn. Finance (11%) follow suit.

Reserve Rights (-6.5%), Energy Web Token (-6%), HedgeTrade (-6%), and OKB (-5%) have lost the most value in the past day.

The post Stagnant Crypto Weekend: Bitcoin Temporarily Stopped at $13,000 appeared first on CryptoPotato.

Publication date: 
10/24/2020 - 11:51
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