Bitcoin holds steady at $85,700 this week, while altcoins continue to struggle. The market has shown increased volatility, with prices shifting unfavorably for bullish traders. For many who have long anticipated a rally, this week has been yet another source of disappointment.
What Does Bitcoin’s Price Movement Indicate?
The drop below $80,000 underscores the risks tied to hopes for price surges. Historical trends, especially those seen in 2021, highlight that even in bullish phases, significant losses can occur.
How Are Global Events Influencing Cryptocurrencies?
Current geopolitical tensions, including the ongoing U.S.-China trade war and the unresolved Ukraine conflict, contribute to macroeconomic instability, which could impact cryptocurrency markets. Positive developments were expected this month regarding Ukraine, though talks hint at a drawn-out resolution.
Bitcoin’s current price increased by 1%, but buyer support remains weak with a low weekend trading volume. If it fails to maintain the $78,120 mark, further declines to the $73,620 level may occur. A close above $87,800 might drive prices toward the $92,000 target.
- Only half of the $213 million liquidated in the last 24 hours represented long positions.
- Bitcoin’s dominance is stable at 60%, with Ether experiencing a 20% loss.
- Altcoins like IP, HBAR, BERA, TIA, and GRASS gained between 10% to 20% this week.
The cryptocurrency market is seeing a stabilization in liquidations, indicating a potential shift. While major players face challenges, some altcoins have performed well, hinting at possible recovery should Bitcoin regain strength.
