Bitcoin rose to $60,296 before dropping to $59,900.
Altcoins saw significant sales due to BTC price concerns.
Overall crypto market volume weakened by 10% compared to yesterday.
Bitcoin (BTC) rose to $60,296 and then dropped to $59,900. Volatility is high. The price targeting around $50,000 for a long time attempting above $60,000 again is positive for the coming days. So, what is the current situation in cryptocurrencies? What are the predictions for BTC?
Bitcoin (BTC)
Although the price exceeding $60,000 starts to improve morale, the essential thing is closures above this level. Investors ensured significant supports were tested by making serious sales in altcoins due to concerns that the BTC price would experience deeper dips. Now, for similar rapid returns, the $64,500 threshold needs to be exceeded.
Germany’s sales ended, and BKA sold 50,000 BTC in a few weeks. MTGOX returns continue at an uncertain pace. Genesis Trading sales are relatively slow. Miners have dropped their reserves to a 10-year low, and according to on-chain data, whales bought 100,000 BTC during last week’s excessive sales.
On the macroeconomic front, inflation continues to fall, and employment has weakened. On the other hand, at least two interest rate cuts are expected for 2024, and this expectation has increased by more than 20% in the last week. In short, the BTC price exceeding $60,000 is normal and even overdue in many respects.
Current Situation in Cryptocurrencies
XRP Coin achieved impressive gains on the anniversary of last year’s summary judgment. The price surprisingly jumped above $0.51. The total volume in the cryptocurrency markets is $49.4 billion, a 10% weakening compared to yesterday. On the other hand, BTCD slightly eased, and the total market value of cryptocurrencies rose to $2.2 trillion.
The fear and greed index recovered from extreme fear to a neutral level of 45. The week’s winner among the top 100 cryptocurrencies was MOG Coin, which increased by 31%. AAVE, RON, and OM Coin rose by more than 20%. RNDR, WIF, and AKT Coin were the flag bearers in the opposite direction, falling by 10% in one week. BTC increased by 4% compared to a week ago.
