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Bitcoin price continues to linger around the levels we left off on Friday, around $43,000. Altcoins are relatively calm. Weekends are usually periods of horizontal movements due to low volumes. However, during periods when the bear and bull markets are strongly felt, investors may experience peaks of high volatility as an exception. As you may remember, double-digit declines on Saturdays and Sundays were famous in the last 2 years.
Bitcoin (BTC)
BTC is in the $43,930 region and hit its bottom at $42,880 about 12 hours ago. The price shows shallow volatility, fluctuating between $43,280 and the bottom region in the last 24 hours. Following the Fed announcements, the breaking of excessive optimism on the macro front negatively affected risk markets. In the next phase, the continuation of strong spot Bitcoin ETF entries could revive the appetite for new highs.
The key area for the price is the $40,400 support, and moving away from it is positive. For now, it remains below the $43,700 and $44,500 regions, which have been acting as resistance since nearly December 6. Overcoming these resistances without attracting more buyers is now difficult, and it is likely that the price will continue to linger in this range in February.
Current Status of Cryptocurrencies
The cumulative trading volume has fallen below $30 billion, and investors seem to be sleeping through the weekend. It’s nice to see the cumulative value of cryptocurrencies holding support at $1.61 trillion. However, the lack of a bounce from here suggests that prices could reverse again. In the last 7 days, altcoins like BTC and ETH have not moved much.
The two major cryptocurrencies only saw a 1% increase weekly. The winners of the last 7 days were FLR, PENDLE, LINK, PYTH, RON, and RNDR. We had issued warnings in the past days that the positive trend could continue for all of them and highlighted important price levels.
LINK Coin is at $17.73 and above key support, which could lead to $21 (unless there is a major BTC shakeout or LINK profit-taking).
JUP Coin, which entered our lives this week, was very much in the news. Although it generously rewarded early adopters in the Solana ecosystem, its price has now dropped by 6%. MANTA, SATS, BONK, and HNT Coin also experienced double-digit declines.
