Bitcoin seems to be on a seesaw with price ups and downs as it’s unable to break above the $30,000 threshold. Buying pressure propelled the popular crypto higher from the $28,611 area after demand kept it above the $28,378 area. This shows the 50% retracement of the recent appreciating range from $28,690 – $30,635. BTC’s recent lows opened up possible tests of additional short-term technical support around $28,378, $27,661, $26,773 and $26,639.
At the time of writing this article, Bitcoin was trading at $29,795. It lost 1.15% in the last 24-hours. Ethereum was down by 3.44% and changed hands at $1,944. The world’s most-loved cryptocurrency failed to clear resistance at $30,300 and $30,500. Ether once again slipped below the $2,000 threshold and corrected lower. It is set to test the $1,950 mark. Below the $1,920 level, the world’s second most popular crypto could gain bearish momentum.
As for the altcoins, Avalanche (AVAX) is the biggest loser – it’s down by nearly 7% in the last 24-hours. Solana is down by 4.38%, Polkadot by 3.82%, and Cardano 2.86%. The meme coins are also in the red, with Shiba Inu down by as much as 1.74%. TRON is the biggest gainer. It’s up by nearly 3% in the last 24-hours.
Overall, the crypto market is unlikely to break out of its seesaw momentum anytime soon. Analysts say the predominant sentiment is that of extreme fear. Santiment, an on-chain intelligence firm, highlighted that whale wallets have taken this as an opportunity to accumulate some well-priced Bitcoin. It stated that as Bitcoin continues to tread at the $29,600 level, the amount of key whale addresses continues to rise following the massive dumping in late January. There is a correlation between price and the tier’s address quantity.