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Edited by Kamal531 at 21-12-2023 02:12 PM
This week, the broader crypto market experienced a general uptrend, with some crypto assets, including Bitcoin (BTC), Solana (SOL), and THORChain (RUNE), capturing significant attention by achieving new annual highs in substantial gains.
Bitcoin (BTC)
This week, Bitcoin attempted to reclaim $38,000 for the first time since September 2022, reaching a new annual high of $37,972 on October 9, marking a 9% increase. However, the bullish momentum faced resistance, partly due to the lack of optimistic news about the expected approval of ETFs, resulting in recent stagnation.
The $37,972 price represents Bitcoin's closest approach to the $38,000 range since breaking below it after the Terra liquidation last year, dropping to a low of $32.94. Bitcoin is poised for another bullish weekly close, marking the fourth consecutive week of gains, with an overall increase of 10%.
Despite the overall bullish sentiment, BTC faced strong resistance this week, experiencing a slight 0.46% decline during intraday trading yesterday. The bears persistently pushed the asset below $37,000, but the bulls responded robustly, hedging against a significant downturn and maintaining the upward trend.
In the upward trajectory, BTC comfortably resides above the 50-day moving average ($30,331) and the 200-day moving average ($28,604), indicating both short-term and long-term bullish trends. The journey towards $38,000 encounters significant resistance points, with one located at $37,610, a Fibonacci (Fib) level of 4.236. Bitcoin is currently trading at $37,112.
Solana (SOL)
Solana surprised market participants this week with a series of impressive peaks, reaching a high of $42.41 on October 10. The week started with SOL at $2.97, facing adversity. On October 5, the asset experienced a 41.15% intraday decline, closing at $3.15, which was discouraging.
Bulls eventually found strength, leading to a 6% rise between October 6 and 8. Solana observed a significant surge to $48.88 on October 9 but faced resistance from bears, cautious about approaching the $50 range. It's worth noting that Solana had not recovered from the price range it fell below last year, below $50, since October.
Nevertheless, the substantial price increase on October 10 allowed Solana to regain its footing, surpassing the $8 threshold, setting a new yearly peak and recovering all losses incurred from the FTX crash to $1 last October. Interestingly, this upward trend coincides with daily inflows of 250,000 to 700,000 SOL into the FTX pool over the past two weeks.
Concerns about the impact of FTX's large-scale sell-off have been priced in. With the sell-off continuing within the $10 billion weekly limit, market participants have started flocking in as the asset continues to remain robust. Consequently, Solana investment products saw inflows of $108,000 last week.
Yesterday, SOL once again rapidly surged, reaching a 63.95 high, an 18-month peak, before experiencing a significant downturn. Solana continues to battle the bears, striving to hold the $60 territory. The asset is currently trading at $59.91, with a 42% gain for the week.
THORChain (RUNE)
Similar to Solana, THORChain's momentum picked up in the latter half of this week. RUNE's good fortune began on September 17, closing with a 4% increase. Despite an upward trend, RUNE faced resistance around $9 on September 19, briefly reclaiming the area after falling below.
Subsequently, on October 10, THORChain surged by 4%, closing above $4, turning it into a support level, hoping to leverage the position for further gains. This attempt was successful, and RUNE, using $4.8 as a springboard, surged to $9 yesterday.
The closing momentum remains strong, with a significant 9.46% increase this morning, making a remarkable impression. RUNE has recovered the $5 mark, currently trading at $5.173. THORChain has risen 24% in the past 26.48 hours and 51% over the week. |
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Post time 16-11-2023 13:37:32