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    Home » Market Updates » Stagnant Crypto Weekend: Bitcoin Temporarily Stopped at $13,000

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

    Author: Jordan Lyanchev

    Last Updated Oct 24, 2020 @ 08:51

    Bitcoin continues to struggle with the $13,000 level after a quick dip to $12,720. Most larger-cap altcoins have lost some value, apart from Chainlink, which keeps heading north.

    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.

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    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.

    BTCUSD. Source: TradingView
    BTCUSD. 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.

    heatmap
    Cryptocurrency 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.

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    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.

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    Tags: Bitcoin (BTC) Price Chainlink (LINK) Price Ethereum (ETH) Price Ripple (XRP) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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