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Weekend Watch: Bitcoin With Another Failed Attempt at $20K



Bitcoin’s dominance gained almost 2% in the past week or so, even though the asset failed to reclaim $20,000.

Bitcoin tried its hand at taking down $20,000 yesterday once again, but, just like it happened earlier this week, it was stopped and dropped by almost $1,000.

Most larger-cap altcoins are slightly in the red now, while there are some gains from the mid-cap ones.

Bitcoin Rejected at $20K Once More

Bitcoin had a significantly less volatile week than the previous one when the US Federal Reserve’s actions pushed it south to a three-month low at $18,100.

The asset recovered some ground and calmed around $19,000. In fact, it spent most of the weekend and even Monday there.

The first notable price movement came on Tuesday when the cryptocurrency jumped to a 12-day high of $20,400. While the bulls were preparing for another leg up, the bears reminded of their grip over the market and pushed the asset south hard.

In a matter of hours, BTC had dropped below $18,000 before returning to a familiar trading range between $19,000 and $20,000. As Friday was coming to its end, bitcoin pumped once more, touched $20,000, but was stopped and pushed back down to $19,300 as of now.

Nevertheless, BTC’s dominance has gained about 2% in a week and is up to 39.5% now. It even touched 40% earlier this week.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Less Volatile Alts

The alternative coins are somewhat untypically calm now, having failed at marking impressive gains yesterday.

Ethereum’s post-Merge struggles continue. It traded above $1,600 when the transition to PoS was completed just over two weeks ago but dumped to $1,200 in the following days. Since then, it has recovered some ground, but it’s unable to break above $1,350.

Ripple was among the best performers lately, perhaps fueled by the positive developments on the case against the SEC. Now, though, XRP has retraced slightly by 3% in a day after touching $0.5 yesterday.

Binance Coin, Cardano, Solana, and Polkadot are also slightly in the red on a daily scale.

From the mid-cap alts, Uniswap and QNT are the only ones with notable gains now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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