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Bitcoin price is once again above $42,000, and we are coming to the end of another typical low-volume weekend. What is the current situation in the cryptocurrency markets? Have the days that instilled fear in investors come to an end? We are covering the details you need to know as we start the day with the latest data.
Current BTC Situation
Bitcoin price is at $42,100 as this article is being prepared, and the cumulative volume of cryptocurrencies has fallen to $30 billion. The weakening volumes have gradually decreased from $100 billion to these levels. During the bear market, volumes had dropped to as low as $14 billion, leading to devastating outcomes due to speculative selling.
Fortunately, since the BTC price has maintained the $41,300 support level, we are away from the old difficult days. Outflows from GBTC have weakened, and there have been net inflows into ETFs over the past 5 days. This situation may further weaken the selling motivation supported by GBTC. On the other hand, the Fed will announce its interest rate decision next week, and expectations for the March meeting will become clearer.
For BTC, the key region we have been highlighting since the beginning of December was $40,300. Although the price briefly closed below this support, the long lower wick indicates that the bulls are still in play. If the price closes above $41,900 on a weekly basis, we may see a quick turnaround. A close above $41,300 will also indicate a further weakening of the likelihood of a decline.
For medium-term higher peak targets, it is essential that the $47,700 and $48,000 region turns into strong support.
Current Situation of Cryptocurrencies
The biggest winner among the top 100 cryptocurrencies over the last 7 days was clearly MANTA Coin. With the advantage of being a new cryptocurrency, it has attracted significant interest and has seen an increase of about 10% in the last 24 hours. As this article is being prepared, it is also finding buyers at $3.73.
SUI, HNT, and RON Coin prices also saw weekly gains ranging between 28% and 16%, respectively. SOL Coin still attracts the most volume after BTC, ETH, and stablecoins, and is currently above $94.
ORDI, WOO, DOGE, and TON Coin prices, however, experienced double-digit losses this week. Especially for ORDI, we had shared the expectation of a continued decline during the week.
