248

Bitcoin in limbo after 7th failed attempt to break $59-60k barrier

Bitcoin in limbo after 7th failed attempt to break $59-60k barrier
Jordan
Major
8 months ago
4 mins read

The price of Bitcoin (BTC) has stabilized at roughly $56,000 on Thursday, after fluctuating between $53,000 and $59,000 over the previous several days. 

Following last week’s flash collapse, which some experts mistaken for the beginning of a bear market, the price of Bitcoin has remained in limbo, with its price expected to continue to fall in the near term. 

Although, as a result of the cryptocurrency’s subsequent recovery, optimistic investors were encouraged that fresh all-time highs were on the horizon. Some analysts are confident that the cryptocurrency will continue its historical tendency of concluding the year on a strong note; however, the crypto market has since lost momentum in either direction.

Currently, the flagship digital asset is trading at $56,757, down marginally 0.63% in the last 24 hours and 1.47% over the previous seven days with a market cap of $1.07 trillion, as per CoinMarketCap statistics.

BTC 7-day price chart. Source: CoinMarketCap.com

Analysts remain bullish long-term

In spite of the clear losses that have occurred so far, Bitcoin still appears to be on course to end the year at $70,000 per coin, and if this is accomplished, the currency might reach $75,000 in early 2022 before experiencing a major correction.

Notably, certified technical analyst CryptoBirb has stated recently that:

“BTC 7th failed attempt to establish trading over the 59-60k barrier. It’s clueless short term hence it’s just a noise swinging back and forth 56-59k. 

BTC/USDT price chart. Source: CryptoBirb

Elsewhere, other cryptocurrencies, such as Ethereum (ETH) and Solana (SOL), have both seen significant gains in the previous week, with the latter seeing a roughly 13% increase in value, bringing its market capitalization close to $70 billion. 

Meanwhile, Terra (LUNA) has seen the biggest gains over the previous 24 hours out of the top 100 coins by market cap. Currently, LUNA is changing hands at $62.54, up 9.98% on the day and a remarkable 57.17% over the week, bringing its total market cap to $24.3 billion.

Consequently, Terra has reclaimed its 12th ranked position replacing meme coin Shiba Inu (SHIB), which had earlier enjoyed a considerable surge thanks to its uplisting on Kraken cryptocurrency exchange.

SHIB now finds itself 3.8% down on the day, trading at $0.00004296, having been trading as high as $0.00005 as early as Tuesday, although recent data indicates that almost 70% of Shiba Inu holders are in profit.

Metaverse tokens

In other news, Meta Platforms Inc (formerly Facebook) has finally lifted its long-standing restriction on cryptocurrency advertisements. 

The move by the social media behemoth to lift the crypto restriction is very significant for the industry. Companies that operate in the cryptocurrency space will now have access to more than 3 billion individuals across the globe who use Facebook’s numerous platforms, which include Instagram, WhatsApp, and the company’s own platform. 

Meta said in a statement:

“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry.” 

Interestingly, despite the news following their price surge over the last few weeks, Metaverse tokens are experiencing a retracement as of late, with both The Sandbox (SAND) and Decetraland (MANA) both respectively down on the day and down over 20% in the last week alone.

The global crypto market

On the other hand, the overall cryptocurrency market has remained virtually unchanged, with a current market capitalization of approximately $2.7 trillion. Over the last 24 hours, it is down in value by almost 2.1%, according to CoingGecko data.

Crypto global chart 7-day. Source: Coingecko.com

With market volume over the last 24 hours being $123.61 billion, making a 5.9% decrease. In 24 hours, the total volume in DeFi is currently $18.56 billion, 15.01%, whereas stablecoins is now $94.96 billion, which is 76.82% of the total crypto market 24-hour volume.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk.

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

AD