Bitcoin Bulls Eye $60K Next as Bittensor (TAO) Soars 11% Daily: Market Watch
The Bitcoin bulls are looking to push the price toward $60K as some altcoins are charting impressive gains.
The entire cryptocurrency market saw a resurgence throughout the past 24 hours. Its capitalization is up by 1.8%, currently standing at around $2.25 trillion.
This comes on the back of newfound confidence in Bitcoin buyers who are now looking to push the price to $60K. A lot of the large-cap altcoins are giving mixed signals, but some trending coins are charting impressive gains.
Let’s have a look.
Bitcoin’s Price Pushing for $60K
The bulls have reappeared on the charts during the past few days, driving Bitcoin’s price toward $59K and seemingly preparing a push toward the coveted $60K level.
As can be seen on the chart, the buyers were able to surpass the resistance around $58,200, pushing the cryptocurrency to an intraday high of $59,450.
It’s worth noting that the price has reversed course in the past few hours and is now headed for a retest of the above-mentioned resistance. Positive reaction in this area might set the tone for a push toward $60K.
That said, market volatility has decreased considerably, resulting in a lot less liquidations of derivatives positions. They currently stand at about $103M, according to CoinGlass. Quite naturally, Bitcoin accounts for about 30% of that with 63% of the total liquidations being short sellers.
Altcoins Give Mixed Signals
The altcoins from the top 20 cryptocurrencies by means of total market capitalization are giving mixed signals. Some of them were unable to capitalize on this latest uptick.
For instance, DOGE is trading at a 2% loss, same for MATIC, NEAR, BCH, and UNI. Ethereum managed to sustain itself above $3K, but it’s down 0.8% on the day.
This uncertainty is also reflected into the overall market sentiment. According to the popular Fear and Greed Index, the latter is currently in fear, albeit slightly better than yesterday.
Of course, this doesn’t apply to all altcoins.
Bittensor’s TAO is on a tear in the past 24 hours, increasing by a massive 11% and becoming today’s top performer.
On the other end of the spectrum, the cryptocurrency that lost the most is Ethereum Name Service (ENS), which is down 7.1%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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