Markets
Bitcoin Bulls Eye $60K Next as Bittensor (TAO) Soars 11% Daily: Market Watch
The entire cryptocurrency market has seen a resurgence in the past 24 hours. Its capitalization has increased by 1.8%, currently standing at around $2.25 trillion.
This comes on the heels of newfound confidence in Bitcoin buyers who are now looking to push the price towards $60,000. 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 Reaching $60K
Bulls have resurfaced on the charts in recent days, pushing Bitcoin’s price to $59,000 and seemingly preparing a push towards the coveted $60,000 level.
As can be seen on the chart, buyers managed to overcome the resistance around $58,200, taking 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 for a retest of the aforementioned resistance. A positive reaction in this area could set the tone for a push towards $60K.
That said, market volatility has decreased considerably, resulting in far fewer liquidations of derivatives positions. They currently stand at around $103 million, according to to CoinGlass. Naturally, Bitcoin accounts for about 30% of this, with 63% of the total liquidations being short sellers.
Altcoins give mixed signals
Altcoins in the top 20 cryptocurrencies by total market cap are showing mixed signals. Some of them failed to capitalize on this latest rally.
For example, DOGE is trading at a loss of 2%, the same for MATIC, NEAR, BCH, and UNI. Ethereum managed to sustain above $3K but is down 0.8% on the day.
This uncertainty is also reflected in general market sentiment. According to for the popular Fear and Greed Index, the latter is currently fearful, although slightly better than yesterday.
Of course, this doesn’t apply to all altcoins.
Bittensor TAO is on the rise over the past 24 hours, rising 11% and becoming today’s top performer.
At the other end of the spectrum, the cryptocurrency that lost the most was Ethereum Name Service (ENS), which fell 7.1%.
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