Bitcoin Eyes $60K But These Altcoins Outperform (Weekend Watch)

Bitcoin’s price is recovering steadily from the drops experienced the other day, and the bulls are now targeting a critical resistance level.

That said, some of the altcoins are also going through a resurgence, with a few particular ones standing out.

Let’s dive in.

Bitcoin Price Pushing $60K

As seen in the chart below, Bitcoin’s price has managed to almost complete a V-shaped recovery from the lows at around $56K from two days ago.

The bulls have managed to push the price toward $60K, getting as high as $59,820 on some exchanges. The price has since retraced a bit, and it traded at slightly above $59K on Saturday morning. This marks an increase of about 1.3% in the past 24 hours. BTC remains 2.6% down in the past week.

Interestingly, sentiment has declined over the same period. According to the popular Cryptocurrency Fear & Greed Index, the market is currently in a state of “extreme fear.” The value of 25 is a decline compared to yesterday’s value of 27.

These Altcoins Outperform

The performance of the broader cryptocurrency market is quite mixed, with many of the large-cap altcoins trading in the red.

Prime examples include SHIB, DOGE, ADA, SOL, XRP, LINK, BNB, ETH, and more.

There are those, however, who managed to chart more substantial gains during the last day. For example, Helium’s HNT is up 5%, while the token of the decentralized derivatives heavyweight dYdX (DYDX) is up 4%. AAVE is also charting 3.3% gains.

All in all, though, the market remains uncertain. The ongoing battle between bears and bulls has resulted in about $111 million worth of liquidated positions, $70M of which are long traders and the rest – short traders.

Source