The crypto market moving away from its stagnant range has been the highlight of this week, while Bitcoin’s trading indicators took the cue and took the token towards its upper end.
Bitcoin turned the tide this week in its favor after being stuck in a stagnant range for a long time. It experienced a downward turn at the week’s beginning and was trading at around $61,000. After the US CPI data turned out to be favorable, bulls took the cue and made Bitcoin cross $65,000. Bitcoin’s trading indicators witnessed a drastic turnover, and currently, most of them point toward uptrends.
The volatility in the market is still present, and Bitcoin needs to hold $65,000 throughout the weekend. If it does, one could expect a rally till $70,000. Bulls would also have to provide the price support for it to happen. Meanwhile, altcoin prices have also been a subject of deliberation in the last few days.
Altcoins have not had big returns recently, but they rallied behind Bitcoin this week. The price cycles of most altcoins are likely in a cautious mode now. Such periods have also existed in the past, and a few of them were succeeded by rallies. Moreover, altcoin prices are presently in a stable range, with the likelihood of a breakout.
A few analysts and experts have indicated Bitcoin’s trading range may continue to be choppy. While it may stagnate at times, it needs to trade above $58,000, a few of them mentioned.
ARK Invest echoed these sentiments, saying, “Assuming a 3x Bitcoin price increase a year after the halving this time around might be too optimistic. That said, this chart highlights the case for Bitcoin’s increasing scarcity over a meaningful time horizon.” Most of them are bullish on Bitcoin for the long term.
A number of institutional investors have also recently started investing in Bitcoin ETFs. Millennium Management, a hedge fund, reported over $2 billion in investments. Other investors include popular names like JP Morgan, Wells Fargo, and Morgan Stanley.
Apart from these developments, blockchain use cases held the spotlight this week in a few countries. These blockchain use cases mainly explored tokenization, with companies like Deutsche Bank and Mastercard exploring it. Franklin Templeton was also bullish on it, while a Japanese investment firm even went ahead and made Bitcoin its reserve asset.
These tokens held the highest returns in the crypto market over the last seven days:
But these tokens saw declines during this week:
The scope of crypto and blockchain technology in 2024 could head for significant growth. Key areas include enhanced institutional adoption, regulatory developments, and technological innovations. These advancements are expected to drive broader acceptance and integration of blockchain solutions across various sectors.
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