Bitcoin Shows Signs of Recovery and Approaches $27,000
Bitcoin has shown signs of recovery after hitting a multi-weekly low of under $26,000. It has approached $27,000 as of now, indicating a minor gain on a daily scale. The cryptocurrency has tried to breach the resistance level at $27,500 multiple times in the past week but has failed to do so. Recently, it was pushed below $27,000 due to a violent rejection, resulting in a two-week low at $25,900. However, the bulls prevented further declines and helped the asset regain some traction. Despite a minor leg-up, bitcoin has been unable to challenge the $27,000 resistance line yet.
Render Token Emerges as the Best Performer of the Week
Most altcoins have produced minor gains similar to bitcoin in the past 24 hours. Ethereum dipped below $1,800 a few days ago but has managed to reclaim that level. Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu have shown similar daily gains. Ripple, Cardano, Polygon, and Avalanche have all jumped slightly more, up to 2%. Looking at the charts on a weekly scale shows that the two most notable gainers are Render Token and Huobi Token. Render Token is up by 16%, while Huobi Token is up by 13%, perhaps due to the recent positive news regarding the exchange.
Crypto Market Cap Increases
The total crypto market cap has seen a minor increase and is up to $1.120 trillion as of now. Bitcoin’s market capitalization remains under $520 billion, while its dominance over the altcoins stands still at 46.2%.
“Bitcoin tried its hand at taking down the resistance level at $27,500 a few times this past week but to no avail. The latest rejection came on Tuesday, and it turned out to be a rather violent one.” – Cryptopotato.com
“The two most notable gainers are Render Token and Huobi Token. Render Token is up by 16%, while Huobi Token is up by 13%, perhaps due to the recent positive news regarding the exchange.” – Cryptopotato.com