Markets
Bitcoin Eyes $60K More as Bittensor (TAO) Climbs 11% Daily: Market Watch
The cryptocurrency market as a whole has seen a recovery in the last 24 hours, with its capitalization up 1.8% and currently sitting at around $2.25 trillion.
This new trend is driven by the renewed confidence of Bitcoin buyers, who are now looking to push the price to $60,000. Many large-cap altcoins are sending mixed signals, but some hot cryptocurrencies are recording impressive gains.
Let’s look.
Bitcoin Price Surges to $60,000
Bulls have re-emerged on the charts over the past few days, pushing Bitcoin price towards $59,000 and seemingly preparing a push towards the coveted $60,000 level.
As can be seen on the chart, buyers were able to break above the resistance around $58,200, pushing the cryptocurrency to an intraday high of $59,450.
It is worth noting that the price has changed course in the last few hours and is now heading towards a retest of the above-mentioned resistance. A positive reaction in this area could set the tone for a push towards $60,000.
That said, market volatility has decreased significantly, leading to far fewer liquidations of derivatives positions. They currently stand at approximately $103 million, according to to CoinGlass. Naturally, Bitcoin accounts for about 30% of this total, with 63% of total liquidations being by short sellers.
Altcoins give mixed signals
Altcoins in the top 20 cryptocurrencies by total market capitalization are sending mixed signals. Some of them have failed to capitalize on this latest surge.
For example, DOGE is trading with a 2% loss, as are MATIC, NEAR, BCH, and UNI. Ethereum managed to hold above $3,000, but it is down 0.8% on the day.
This uncertainty is also reflected in the general market sentiment. According to According to the popular Fear and Greed Index, the latter is currently in Fear, although slightly better than yesterday.
Of course, this does not apply to all altcoins.
Bittensor’s TAO is surging over the past 24 hours, increasing by 11% and becoming the top performer of the day.
At the other end of the spectrum, the cryptocurrency that lost the most was Ethereum Name Service (ENS), down 7.1%.
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Cryptocurrency Charts by TradingView.