Author:
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.
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.
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.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
