BTC tries to bounce back to $ 40,000 after another weekly drop: analysis

BTC tries to bounce back from another weekly drop to $ 40,000 and manages to add $ 2000 in value in less than a day, while DYDX climbs 30% to the new ATH. So read more on the bitcoin news today.

After falling below $ 41,000, BTC reacted well, bouncing back a few thousand more, and most altcoins were still struggling at the time. There have been a few minor moves with a few exceptions such as the DYDX, which hit a new all-time high. Since the volatility on Friday, when the main cryptocurrency lost $ 4,000 in value in a matter of minutes thanks to the recent China ban, the asset has not been able to make massive gains. Conversely, despite brief recovery attempts, the bears were even more in demand on Saturday and there was a quick weekly drop to $ 40,000 on Sunday, but the bulls are trying to save BTC from lows.

After rallying to $ 42,000, there was another drop a day ago and BTC fell back to $ 40,700 and so far the cryptocurrency has rallied around $ 2,000 and is currently over $ 42,000. The market capitalization is nearly $ 800 billion and the dominance for altcoins is 42.5%. Most of the altcoins have depreciated a lot in the last few days. Ethereum rebounded from over $ 3,100 to $ 2900, and the second largest cryptocurrency has since stalled and has now exceeded that level.

Ripple, Dogecoin, Cardano, Avalanche and Polkadot stayed the same for a day, while Uniswap, Solana and Binance Coins made smaller gains. The situation is different with low-cap altcoins. DYDX is the top gainer, refundable 30% in one day and up 100% in the past week due to growing demand from Chinese users. AXS also rebounded on a day as token holders hit new ATHs and the market rebounded adding $ 70 billion in one day and staying below $ 1.9 trillion when BTC tried to look for one to recover again decline.

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