Bitcoin retests $45,000
Last week, Bitcoin experienced a rollercoaster ride. It began the week at $42,146 and managed to reach the $45,000 mark, which it hadn’t achieved since October to December 2023. However, optimism faded when a report suggested that all ETF applications could be denied this month. This led to a market collapse, with BTC dropping to a low of $40,879 on Jan. 3. Despite a recovery, the asset recorded its highest intraday decline since Dec. 11, 2023. Currently trading at around $44,007, Bitcoin ended the week with a 4.41% increase.
NEAR slumps below $3
Near Protocol defended the $3 price level after reclaiming it in December 2023. However, it began this week on a bearish note and dropped below $3 for the first time since Dec. 21. NEAR struggled to defend the $3.5 level and failed to reclaim the $4 mark due to resistance from bears. The asset ended the week with a 7.7% decline, losing key price thresholds of $3.6 and $3.5.
Bonk drops to 4-week low
BONK has been on a continuous decline since reaching an all-time high in December 2023. It is now down by 67% from its peak value and has formed a downtrend exacerbated by market turbulence. On Jan. 3, BONK lost 13.68% of its value and only recovered by 2% the next day. The meme coin suffered further losses throughout the week and closed at its lowest price in four weeks at $0.00001075, marking a discouraging decline of 23.4%. However, with a CCI of -103, BONK may be on the verge of a trend reversal.
Hot Take: Mixed Sentiments in the Crypto Market
Last week witnessed mixed sentiments in the global cryptocurrency market. While Bitcoin experienced ups and downs, it managed to retest the $45,000 mark despite a market collapse triggered by concerns over ETF applications. NEAR Protocol slumped below $3, losing key price levels, while Bonk continued its downward spiral and reached a four-week low. The volatility and fluctuations in these assets highlight the unpredictable nature of the crypto market. Investors should closely monitor market trends and news to make informed decisions.
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