Monday, December 4, 2023

Market Watch Feb 21: Another weekend lost, cryptocurrencies looks for gains

After a weekend of low, the cryptocurrency market is keen to make significant gains this week. Bitcoin has started the week by losing 1.63% in the past 24-hours. The popular crypto is trading at $39,093, as per data on CoinMarketCap. Ethereum has gained 1.29% in the past 24-hours but is trading below the $3,000 mark. It sits at $2,725.


Altcoins have lost as much as 3% in the past 24-hours due to uncertainty fueled by the Russia-Ukraine tensions and Federal Reserve talks about raising interest rates. Avalanche is down by 2.62% and is trading at $80.77, XRP is down by 0.07%, and Litecoin has lost 0.10% in the past 24-hours.

It should be noted that in the past week, BTC had made a run for the $46,000 mark but decline to $38,000 due to its high volatility. Now, it is facing resistance at the $39,200 level. Analysts say the main resistance is near $40,000. If Bitcoin crosses this, another resistance awaits at $41,200.

The week’s outlook for bitcoin and the cryptocurrency market as a whole is bearish. Analysts highlighted that decline gained pace below the $40,000 level with the 100 hourly simple moving average. It is now testing the 50% Fib retractment level of the recent decline from the $40,450.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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