As we approach another weekly close, the price of Bitcoin continues to hover around $36,500. So, what is the current situation in the markets? The timing of the <a href="https://en.coin-turk.com/cryptocurrency-market-rebounds-bitcoin-approaches-30000/”>BTC correction was frustrating for altcoin investors, and the price decline from resistance to support levels is causing losses. Let’s discuss the expectations for the coming days and the current situation.
At the time of writing, the king of cryptocurrencies finds buyers at $36,500 and has dropped to $36,178 in the past 24 hours. For now, it is important to maintain support at the $36,000 level, and hopes for testing the $38,000 resistance area have not been completely dashed. In the coming hours, BTC will make its weekly close and we have seen the first red candle after a four-week upward trend.
Nevertheless, closing above $36,000, which was the peak of the week starting on October 30th, is significant. Short-term corrections are to be expected in such sharp rallies. If the price can surpass $38,000 on a weekly basis, it will target $40,173. However, in this scenario, if $36,000 is lost, selling pressure may continue to $34,000 and $32,800.
The gloomy atmosphere in Bitcoin’s price dominates the overall market. The cumulative volume of cryptocurrencies has decreased by 30% daily, reaching $40 billion. As the cumulative value has dropped below the $1.4 trillion threshold, we may see further erosion in altcoins. While Bitcoin (BTC) has fallen by around 1.2% in the past 7 days, the price of ETH has declined by nearly 5%. Despite the spot ETH ETF applications made by BlackRock and Fidelity, the king of altcoins has failed to hold above $2,000. The same news had led to double-digit gains in the BTC price after June.
Render (RNDR) has been one of the surprise performers among altcoins this week. The price continues to rise after reaching a peak of $3.3. It has gained more than 44% weekly. TIA and KAS Coin have gained 58% and 74% respectively. Two altcoins hold the record for gains among the top 100 cryptocurrencies on a weekly basis.
Despite BTC sell-offs, AVAX price has remained strong and continues to target the $30 region above $21. Investors who have been waiting for a long time had noticed that the rally started late, but the current strong stance is satisfying.