Wednesday, July 24, 2024
HomeCrytocurrancyBitcoin Bulls Eye $60K Next as Bittensor (TAO) Soars 11% Daily: Market...

Bitcoin Bulls Eye $60K Next as Bittensor (TAO) Soars 11% Daily: Market Watch


The entire cryptocurrency market saw a surge in the last 24 hours. Its capitalization has increased by 1.8% to currently stand at around $2.25 trillion.

This is due to the renewed confidence in Bitcoin buyers who are now trying to push the price towards $60K. Many large-cap altcoins are giving mixed signals, but some trending coins are recording impressive gains.

Let's see.

The price of bitcoin reached 60 thousand dollars

Bullish signals have reappeared on the charts over the past few days, pushing the price of Bitcoin towards $59,000 and it appears it is preparing to move towards the coveted level of $60,000.

As can be seen on the chart, buyers were able to overcome resistance around $58,200, pushing the cryptocurrency to an intraday high of $59,450.

Source: Tradingview

It is worth noting that the price has changed its direction in the last few hours and is now headed towards retesting the resistance mentioned above. A positive reaction in this area could signal a move towards $60K.

It is said that market volatility has reduced significantly, resulting in much lower liquidations of derivative positions. They currently stand at around $103M, According Naturally, Bitcoin accounts for nearly 30% of this, and 63% of total liquidations are from short sellers.

Altcoins are giving mixed signals

Altcoins among the top 20 cryptocurrencies by total market capitalization are giving mixed signals. Some of them were unable to take advantage of this latest surge.

For instance, DOGE is trading at a 2% loss, the same is the case for MATIC, NEAR, BCH, and UNI. Ethereum managed to hold itself above $3K, but it is down 0.8% on the day.

cryptocurrency_heatmap_1007241
Source: Quantify Crypto

This uncertainty is also reflected in the overall market sentiment. According According to the popular Fear and Greed Index, people are currently in fear, although the situation is slightly better than yesterday.

Of course, this does not apply to all altcoins.

Bitmain’s TAO has been on a rapid rise over the last 24 hours, gaining a massive 11% to become today’s top performer.

On the other end of the spectrum, the cryptocurrency that suffered the most losses is Ethereum Name Service (ENS), which is down 7.1%.

Special Offers (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and get an exclusive $600 welcome offer on Binance (full details).

Limited offer 2024 on BYDFi Exchange: Welcome reward up to $2,888, use this link to register and open 100 USDT-M position for free!

Disclaimer: The information found on Cryptopotato is that of the authors quoted. It does not represent Cryptopotato's opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts By Tradingview.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments