After briefly trading above the $63k mark last week, Bitcoin continued to shed value during the weekend. Breaking the crucial support at $58k, the leading cryptocurrency caught investors off guard; however, after hitting a low of $57.1k on Sunday, over the past few hours, BTC seems to have been making a steady comeback – trading slightly above the $58k support line. At press time, BTC was trading at $58.3k.
While BTC continues its struggle past the $58k mark, it is interesting to note that the leading coin has held its ground with buyers showing resilience and sellers failing to hunt the major support line at $56k – which if breached may lead to panic selling from investors. However, the overall market sentiment has been negative due to significantly increased outflow from 12 Bitcoin ETFs. Data from Coinglass confirms Bitcoin ETFs saw an outflow in excess of $270 million last week. All said, it would be too early to whistle bulls as we have just started the week.
Important Levels to Watch For Over The Next 24 Hours
While Bitcoin is effectively down 8.48% from $63.08k – its previous week’s high – according to live data from Coinglass, in the last 12 hours BTC has managed to gain nearly 1.47%.
Source: Tradingview
On the daily chart for intraday, the $58.5k mark is an important level to watch as BTC has faced rejection twice after briefly hitting $58.5k in the past four hours. The next immediate resistance is at the $59.5k mark which if breached and if BTC manages to sustain past $59.5k on the hourly chart with a strong green candle, we may see a $63k BTC again this week. It is important to note that there’s a 1.91% positive increase in OI (Open Interest) data across exchanges for BTC futures indicating an increased inflow of fresh funds in the market.
Ethereum’s Gains Outshine Bitcoin
While BTC and Ethereum both are showing a reversal after shedding over 8% week-on-week, if we look at the trend over the past 24 hours, ETH is up 2.21%, while BTC is slow to regain its losses with 0.9% gains.
ETH prices have shown strong support near $2400 as it made a sharp upswing in the last two hours after remaining sideways for over 6 hours during the day.
Source: Tradingview
Though ETH is looking stronger than BTC, the same cannot be said for other major altcoins. TON and DOGE are the top losers from amongst the top 10 coins by market cap, shedding 2.24% and 1.48% over the last 24 hours respectively. Coming to week-on-week data, we see Solana (SOL) managing to halt its downward spree, but at $131.93, it is still down 18% from from its previous week’s high of $160.3. The mildly bullish sentiments across the two major coins BTC and ETH have not had a major impact on other altcoins and they continue to struggle.
