After another increase that took BTC to $41,000, the cryptocurrency has retraced beneath the coveted $40,000 level. The crypto market cap reached ATH above $1.2t but has retraced as most altcoins have also corrected slightly. Cardano is the main exception, with a massive 20% surge to a new 3-year high.
Bitcoin Touched $41K But Retraced
The primary cryptocurrency was gradually increasing in value since Monday’s dip until it broke above $37,000 a few days back. However, the bulls pulled it together at that point and drove BTC above $40,000.
Furthermore, bitcoin reached an intraday high of $41,000. Thus, the cryptocurrency came just $1,000 away from its ATH of $42,000 (roughly around 2%).
However, the bears intercepted the move at that point and didn’t allow another leg up. Just the opposite, BTC started to retrace to an intraday low of $38,000. Nevertheless, it has bounced off since then and reclaimed $39,000.
From a technical perspective, BTC would still have to overcome the resistance lines at $40,000, $40,735, and $41,000 before potentially challenging $42,000.
Alternatively, the support levels at $38,550 and $38,000 could assist in case the price falls again.
BTCUSD. Source: TradingViewCardano’s New Record While Alts Retrace
Most alternative coins marked serious gains in the past few days, which resulted in new all-time highs for Ethereum, Polkadot, and Binance Coin. Consequently, the total market cap also went for a record at $1.220 trillion.
However, the situation has changed to some extent in the past 24 hours. Ethereum has declined by over 2% and is currently beneath $1,650. Bitcoin Cash (-5%) is down below $460.
Chainlink (-4%), Polkadot (-2%), and Litecoin (-4%) are also in the red, while BNB and XRP have charted minor gains.
However, Cardano is the most significant gainer from the top 10 with a massive 23% surge. As a result, ADA has jumped to $0.67 – a new 3-year high for the token.
Cryptocurrency Market Overview. Source: Quantify CryptoMore gains are evident from Decentraland (30%), Dogecoin (21%), Quant (16%), Avalanche (16%), Huobi Token (14%), Elrond (14%), and Decred (13%).
In contrast, Nexo (-11%), FunFair (-10%), Alpha Finance Lab (-10%), 0x (-9%), Ampleforth (-8%), and Ren (-7.5%) have lost the most.