Bitcoin Takes a Breath at $13,000 While Top Altcoins are in Red
Bitcoin (BTC) keeps having a hard time at the $13,000 level after a quick drop to $12,720. The majority of the larger-cap altcoins have plummeted, except for Chainlink (LINK), which keeps increasing in value.
After the significant price developments that took place over the last few days, most crypto assets have settled. Bitcoin remains at $13,000, while some of the altcoins have retraced a bit.
Bitcoin Struggles at $13,000
The last seven days were rather impressive for Bitcoin. After a slight dip to $11,400 last week, the king coin went on a roll. The PayPal announcement only increased Bitcoin’s bullish run, resulting in a new 2020 high visible a few days ago at $13,200.
Since then, Bitcoin has kept a relatively steady position around the $13,00 line. In the past 24 hours, the cryptocurrency has oscillated around that level as well. The only exception came a few hours ago when it plummeted to $12,730, but the bulls took charge immediately and drove it back to the $13,000 level.
BTC/USD. [Image Source: TradingView]
In technical terms, the new 2020 high of $13,200 is the first key resistance in BTC’s way up. If the asset manages to break above it, the next levels are at $13,400, $13,500, and $13,600. On the other hand, Bitcoin could find support at $12,550, $12,400, $12,125, and $12,000 if the recent trend reverses and the asset heads south.
Altcoins Display Red
Altcoins joined Bitcoin’s run with a bit of delay last week. However, they had some increases in value, which eventually raised the total market capitalization by more than $40 billion in the last seven days.
Cryptocurrency Market Heatmap. [Image Source: Quantify Crypto]
The situation is a bit different now than it was 24 hours ago, though. After breaking over $415 yesterday, Ethereum has dropped slightly and currently trades beneath that line. Ripple went down 1.6 percent, Bitcoin Cash plummeted 0.8 percent, Binance Coin lost 0.9 percent, and Cardano dipped 1.6 percent.
The big gainer is ABBC Coin, which has increased in price by 21 percent to $0.57 since yesterday. Ocean Protocol also went up 14.5 percent, Elrond increased by 14 percent, and Yearn. Finance by 11 percent.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.