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.