Bitcoin was in mint condition after the weekend as it headed towards $59K on Monday morning, preserving its high-performing crypto coin.
Just this past weekend, Bitcoin experienced a slow deflation, first with a surprise rally on Friday. Things turned around on Sunday overnight as the Bitcoin price approached $60K as the cryptocurrency continues to hold its position as the largest crypto in the community. Consider some factors below that could paint a picture of what it’s in store for the bitcoin market for the remainder of the week.
Appetite for Bitcoin Grows
As Bitcoin slams back with new highs this week, it wasn’t too long ago that it experienced a minor dip in price. Less than two weeks ago, BTC was near $46K in price but the currency rebounded quickly and sits at an all-time high–a new milestone since February of this year. This past Monday the market saw a fairly active market as people rushed to buy the popular crypto.
Taking a glimpse at the buy and sell demand, Binance shows resistance still remains strong at $60K and above but this will require bulls to knock out several walls of sell orders so the currency can break out beyond its all-time high of $64.5K.
Reflecting on last Friday’s gains, this was a genuine increase after buying among spot traders occurred.
Catching Up With Altcoins
With Bitcoin fluctuating lately on the market, the most current and hot altcoin on the crypto scene is Ethereum (ETH). As ETH/USD sits just above $3,000 and had gains of 28% this past week, Bitcoin only saw 11% gains in comparison to the altcoin. With Bitcoin’s market cap dominance slipping down to 47.7%, the lowest since July 2018, the crypto coin has lost some clout due to its performance.
However, the popular Crypto Chase trader took to Twitter to share thoughts on ETH’s uprise stating, “I wouldn’t be surprised if we see $3500 ETH this week”. Only time will tell what direction the market will go the rest of the week.
To read more on Altcoin opportunities ahead, click here.
Featured image: DepositPhotos © limbi007
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.