Markets
Bitcoin Eyes $60K as Bittensor (TAO) Soars 11% Daily: Market Watch
The entire cryptocurrency market has seen a recovery in the last 24 hours. Its capitalization has increased by 1.8%, currently standing at around $2.25 trillion.
This comes on the back of renewed confidence among Bitcoin buyers who are now trying to push the price to $60K. Many of the large-cap altcoins are giving mixed signals, but some trending coins are posting impressive gains.
Let’s take a look.
Bitcoin Price Pushes Toward $60,000
In recent days, the bulls have reappeared on the charts, pushing the price of Bitcoin towards $59,000 and seemingly preparing to push towards the coveted $60,000 level.
As can be seen from the chart, buyers managed to clear the resistance around $58,200, pushing the cryptocurrency to an intraday high of $59,450.
It is worth noting that the price has reversed course in the past 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, resulting in lower liquidations of derivative positions. They currently stand at around $103 million, second at CoinGlass. Of course, Bitcoin accounts for about 30% of that, with 63% of the total liquidations being made by short sellers.
Altcoins are giving mixed signals
Altcoins in the top 20 cryptocurrencies by total market cap are giving mixed signals. Some of them have failed to capitalize on this latest rally.
For example, DOGE is trading with a 2% loss, the same goes for MATIC, NEAR, BCH, and UNI. Ethereum managed to stay above $3,000, but is down 0.8% on the day.
This uncertainty is also reflected in the general market sentiment. Second According to the popular fear and greed index, the latter is currently in the grip of fear, although slightly better than yesterday.
Of course, this doesn’t apply to all altcoins.
Bittensor TAO has seen a tremendous performance over the past 24 hours, rising a whopping 11% to become the best-performing stock of the day.
At the other end of the spectrum, the cryptocurrency that lost the most was Ethereum Name Service (ENS), which dropped 7.1%.
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Cryptocurrency Charts by TradingView.