Bitcoin (BTC) opens the week with a brief 2% retracement that has it hovering around $ 48,000. Over the weekend the cryptocurrency threatened to break the $ 50K resistance once again, but was unsuccessful. As of press time, the price of BTC is $ 48,043.
Despite the difficulty of the current level, optimism hovers among specialists. Several analytics firms have shown that whales and retail investors have been accumulating significant amounts of BTC over the past few days, so a new price jump could be in the offing.
Glassnode, for example, recently showed that the volume of transactions on the Bitcoin network reached a new all-time high after more than $ 8 billion was traded in just 7 days. The increase was significant, as it represents 50% more than the previous record.
On the other hand, specialists have suggested in recent hours that BTC will have to defend the support of $ 45,700 if it wants to think about making its way towards $ 55K. If you fail to defend the current floors, there is the possibility of a change in sentiment and a rather deep drop.
The rest of the crypto market didn’t have a good start to the week either. Ether (ETH) has hardly moved in the last 24 hours, but it is down 4% weekly. At the close of this note, the leading altcoin is trading above $ 3,180. XRP has had a similar behavior and its price is $ 1.12.
Bitcoin cash (BCH) and litecoin (LTC) fell more than 2% in the last hours and their price is USD 642 and USD 170. Binance coin (BNB) fell to the same extent and is trading at USD 472.
Lastly, ADA and DOGE were down just over 1%, although they differ in their weekly returns. The Cardano token fell just 2% in the last week, while the cryptocurrency meme trails a 12% drop. Currently, they trade at USD 2.82 and USD 0.27 respectively.