Bitcoin experienced a relatively calm weekend after encountering a downturn on Friday, hovering near the critical $90,000 threshold. Meanwhile, altcoins mirrored this stagnant behavior, maintaining their lower positions. What are the current dynamics of the crypto market? Which altcoins made a mark during the weekend?
How Did Bitcoin Perform Over the Weekend?
Bitcoin has been unable to reclaim the $98,000 support level since losing it on November 7, and December has seen it struggle to maintain $88,000 as a support. Lacking the momentum to rise due to risk-averse sentiment, Bitcoin settled within a narrow bracket, indicating a potentially weaker weekly close and an ongoing bearish trend.
Although Bitcoin tested the $100,000 mark on October 10 for the first time since June, subsequent attempts to break through $115,000 failed, leading to a downward movement towards $80,000. Despite signs of a local bottom, Bitcoin has yet to exceed $94,000 convincingly, signaling no clear exit from its current downtrend.
Drawn towards the weekly conclusion and the year’s end, Bitcoin faces the necessity of breaking free from its constrictive range. However, futures market pressures could potentially restrain it, leaving volatility in a precarious state unless significant levels, either $94,000 or $88,000, are decisively breached.
What Was the State of Altcoins?
Altcoins showed minimal movement over the weekend. Notably, MemeCore and MERL achieved a 10% price increase, while others faced downturns. ZEC was among the hardest-hit, yet most altcoins within the top 100 fluctuated between modest gains and losses of around 3%. Although M Coin and MERL experienced weekly growth, the overall market lacked excitement due to low trading volumes.
“While the crypto market anticipates its next trigger, trends of inactivity seem likely to continue,” stated a market expert.
From the analysis, the following observations are clear:
- Bitcoin must surpass $94,000 to signal a robust recovery.
- Altcoins need a spark for renewed investor interest.
- Low trading volumes across the market promote a dormant phase.
As the cryptocurrency landscape patiently waits for a catalyst, it remains subdued, with traders and investors alike watching for a hint of the next market mover. The overarching sentiment is one of cautious optimism, however, the immediate future suggests more blocked than dynamic tendencies. The anticipation lingers, keeping market participants on edge yet hopeful for a shift.
