Sunday, July 21, 2024

Market Watch Jan 15: Bitcoin Swings Back, Dogecoin Reigns, Altcoins In Range-Bound

Bitcoin struggled throughout the week for a foothold and has managed to stay above the 42K mark for the past two days. Ethereum has been trying to get out of BTC’s shadow but has been affected by its price volatility. The second most popular cryptocurrency has staying away from its 4K mark all week. Ether is 32.05% lower than its all-time high of $4,867.

Dogecoin has been soaring, thanks to Elon Musk’s Tesla. The EV company announced on Friday that it has began accepting the meme-coin as payment for some of its merchandise. Musk’s tweet – Tesla merch buyable with Dogecoin – prompted the token to jump more than 15%. According to Coindesk data, DOGE was $0.20 a coin at 01:19 ET; it was up more than 9% at $0.18 at 07:06 ET.

Meanwhile, analysts expect the BTC/USDT pairing to fall to $30,000. But the bulls are sticking to $39,600. Analysts said a strong rebound from $39,600 would suggest accumulation at lower levels. BTC/USDT could remain range-bound between $39,600 – $45,456 for a few days. After this mark is broken, it is much likely to march towards $52,088.

As for the Binance Coin, well it is experiencing a strong resistance at the 20-day exponential moving average (EMA), but bulls are not giving up easily. Traders remain steadfast and are not rushing for an exit. SOL, on January 13, reached the 20-day EMA.

Q9 Capital, a Hong Kong-based crypto investing platform, highlighted that price swings are happening on wafer-thin volumes. This can increase price movements. The platform said there’s no fresh capital coming in, and no investor is willing to sell or buy. Alex Kuptsikevich, an analyst at FxPro, said attempts to form a rebound are going through substantial selling. This shows seller pressure.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com 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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