Bitcoin’s price remains steady at around $43,000, with altcoins exhibiting relative calm. Weekends typically witness sideways movement attributed to lower trading volumes. Bitcoin’s key support rests at $40,400, while resistance levels are observed near $43,700 and $44,500.
Bitcoin maintains its position around $43,000, mirroring Friday’s levels, while altcoins remain stable. Weekends typically entail horizontal movements due to decreased trading volumes, with exceptions occurring during pronounced bear or bull market conditions. Historically, double-digit declines on Saturdays and Sundays were notable over the past two years.
Bitcoin Price Analysis and Market Outlook
BTC is currently hovering around the $43,930 region after hitting a low of $42,880 approximately 12 hours ago. The price has exhibited shallow volatility, fluctuating between $43,280 and the bottom region over the last 24 hours. The recent Fed announcements have tempered excessive optimism in the macroeconomic landscape, negatively impacting risk markets. However, the continuation of strong spot Bitcoin ETF entries could reignite appetite for new highs in the next phase.
The key area of focus for the price remains the $40,400 support, with a positive trajectory observed away from this level. Presently, Bitcoin remains below the $43,700 and $44,500 regions, which have acted as resistance since early December. Overcoming these resistances without attracting additional buyers poses challenges, suggesting the likelihood of the price lingering in this range throughout February.
Cryptocurrency Market Analysis: Winners and Losers in the Past Week
The cumulative trading volume has dipped below $30 billion, indicating a subdued weekend for investors. Despite the tranquility, the cumulative value of cryptocurrencies remains supported at $1.61 trillion. However, the absence of a bounce from this level implies the potential for price reversals. Over the past week, major altcoins like BTC and ETH have shown minimal movement, with just a 1% increase.
Altcoins FLR, PENDLE, LINK, PYTH, RON, and RNDR emerged as winners, maintaining a positive trend with significant price increases. Our previous warnings regarding their potential continuation of the upward trend and highlighted price levels remain relevant.
LINK Coin is currently priced at $17.73, remaining above key support levels, which could potentially lead to a rise to $21, barring any major BTC shakeout or LINK profit-taking.
However, newly introduced JUP Coin, while making headlines upon its entry into the Solana ecosystem, has experienced a 6% decline in price. Other coins such as MANTA, SATS, BONK, and HNT Coin also saw double-digit declines during this period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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