Bitcoin Bounces Off $29,000 Resistance Line
Bitcoin slipped over the weekend but managed to bounce off the $29,000 resistance line and has added several hundred dollars since then. While larger-cap alts like TRX, DOGE, MATIC, and SHIB are slightly in the red today, Bitcoin Cash, Bitcoin SV, and Optimism have jumped impressively.
Main breakdowns:
- Bitcoin had a quiet week after last Monday’s price dump
- The bulls managed to calm the situation and the asset remained inches above $29,000
- The US Federal Reserve’s decision to increase rates didn’t cause substantial volatility
- Bitcoin remained stuck below $30,000
- Bitcoin nosedived once again late Sunday but managed to sustain the $29,000 level
Bitcoin’s market capitalization has climbed to just over $570 billion, and its dominance over the alts stands at 48.2%.
Hot Take:
Bitcoin’s ability to bounce off the $29,000 resistance line shows strong support at this level. Despite a quiet week and the US Federal Reserve’s decision, bitcoin has managed to maintain its position above $29,000. The market capitalization and dominance of bitcoin also continue to grow, indicating its ongoing influence in the crypto market.
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