Bitcoin entered Sunday at $95,000, showing sideways movement due to low weekend trading volume. Despite a promising rally last week, Bitcoin failed to surpass the resistance by Friday, affecting altcoin performances as well. What are the latest developments in the cryptocurrency market?
Bitcoin (BTC)
After breaking below the bear flag, BTC moved sideways, essentially making the flag’s support line its base. This movement was predicted to continue up to the $98,000 resistance line, and indeed, BTC climbed to that level. However, as expected after long-term selling pressure, the resistance was not overcome in one go.
Will attempts to breach the resistance continue? As long as Bitcoin maintains above the $94,000 level, previously serving as a support during the peak days from January 5-7, there’s still a possibility for testing the resistance. Currently, BTC upholds a robust position, closing above December’s challenging barriers.
During the resistance test on January 13 and 14, BTC ETFs saw over $1.5 billion in inflows. However, the typically low weekend volume potentially threatens the $94,000 support, with a resulting pullback leading to a $400 million outflow by Friday. Still, weekly inflows dominate, and new ETF investors largely believe the upward trend may continue, providing a positive outlook for the week ahead.
Cryptocurrency Landscape
Trading volumes decreased significantly, yet LIT and CHZ posted notable gains in the past 24 hours. Lighter (LIT), vying against HYPE and ASTER in the new generation DEX market, has struggled during the general market downturn, with current recovery aiding its climb past $2. CHZ has been battling excessive sell-offs for two years, boasting a 30% weekly increase, with more gains possible. IP Coin rose by 40% this week.
However, XMR and CC were the day’s losers. Despite Monero’s strong rally following the ZEC Coin team’s departure, such rallies face inevitable resting periods. Post-ATH, XMR may weaken further under continued profit-taking.
