Bitcoin has set off on a bullish price as it saw rejection when it tried to cross over the $40,000 mark, now sticking to the downside of the $39,000 level. A strong rally on the higher side is expected over the week. The last 24-hours saw the crypto market trade-in red with low volatility.
The world’s most popular crypto, as per date from CoinMarketCap, lost 1.41% of its price in the last 24-hours. BTC is trading at $39,238. CryptoBull, an analyst, tweeted that if we have our fourth red weekly close, it could be bad. He highlighted that four red weekly candles in a row would be a rare event. This has not been seen on the weekly chart for the past two years. It hasn’t happened since 6/2020. CryptoBull said that when it happened, the market went up to ATH.
According to data from Material Indicators, there are thinning bids below the spot price, which retested the $40,000 resistance. However, over the last 24-hours, there has been low volatility as Bitcoin traded in the range of $39,422- $39,935. BTC’s trading volume declined by 32.46%. There was some support around the $40,000 mark, an encouraging sign, on Friday. Michael van de Poppe, a crypto trader, said it’s crucial for Bitcoin to hold onto the $38,000 – $39,000 region.
Meanwhile, Ether lost 2.65% in the last 24-hours and is trading at $2,875. The world’s second most popular crypto saw a 4.08% price decline in the past week. The altcoins are also in the red. NEAR Protocol is the biggest loser, having since a 7.12% slash at its price over the last 24-hours. Polkadot is down by 6.48% and Avalanche by 3.90%. Ripple’s XRP is down by 3.83% and Solana lost 3.62%.