Categories: Bitcoin

Bitcoin price is stabilizing after the weekend crash, but don’t expect it to go up much

After a tough weekend that saw Bitcoin price hit a notable sell-off, the leading cryptocurrency has rebounded and passed the $ 50,000 mark. At the time of writing, BTC is changing hands at $ 51,080.

BTC / USD 4-hour chart | Source: TradingView

Bitcoin price is stabilizing above its 200-day moving average

Now that the prominent cryptocurrency has risen above that level, technical analysts and market watchers are watching and waiting to see if it builds support there. BTC rebounded over $ 50,000 after breaking that price, the top cryptocurrency rebounded to $ 50,580 before falling slightly by $ 49,970.

“Bitcoin bounced back to $ 50.1,000 on Monday and whale traders fell to perfection. Starting with dumping up to $ 43.5,000 in addresses with 100-10,000 BTC, another 67,000 BTC has accumulated after the same amount was dumped before the halving, “Santiment said.

The source: mood

Bitcoin was trading above its 200-day moving average (currently $ 46,386), suggesting that selling pressures may ease in the short term. Analysts point out that excessive leverage in the Bitcoin futures market contributed to the widespread sell-off. And despite the short-term upside potential, some analysts remain cautious about Bitcoin’s price development over the next few weeks.

BTC is ready for a short-term rally, although the upward trend towards the $ 55,000- $ 60,000 resistance area appears limited. Long term, the weekly momentum indicators have turned negative for the first time since April before a brief crypto bear market emerges. The trading volume on the large centralized exchanges is even lower than it was a day ago. Ether rose more than 5% to $ 4,355.

Meanwhile, Polygon (MATIC) has gained almost 20% in the last 24 hours. This is because a group of venture capitalists including Sequoia Cash India and Steadview Money are in talks to support the Ethereum Polygon scaling network with an investment of $ 50 million to $ 150 million. The investment should take the form of a MATIC purchase.

Elsewhere, Decentraland (MANA), the top ranked Metaverse asset, has fallen 25% in the past seven days. The decline in MANA was followed by Axie Infinity’s AXS, which has fallen 23% in the past seven days. The total crypto market cap is $ 2,380 trillion and the dominance of bitcoin is 40.5%.

Sign up for a Binance account (10% off trading fees) here: https://accounts.binance.com/en/register?ref=28703923

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

33 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.