Bitcoin (BTC) experienced a day full of dramatic fluctuations in price on Thursday, with BTC/USDT peaking at an impressive US$31,500, yet settling at US$29,895 by midnight — a net loss of 2% for the day.
The tense plunge below the 30k mark was short-lived, as transactions during Asia’s trading hours today nudged Bitcoin back over US$30,100, firmly maintaining the two-week-long sideways trading pattern that Bitcoin has carved out.
The exploration of the support levels below 30k, followed by a successful recovery, bolsters the perspective that Bitcoin has adequate bullish backing to sustain its price above 30k in the near future.
However, the day ahead promises more volatility, with the BTC/USDT pair fluctuating above and below the 30k mark, reflecting the ongoing tug-of-war between bullish and bearish traders.
The overarching narrative surrounding bitcoin presently revolves around the potential approval of BlackRock’s spot bitcoin ETF by regulatory bodies.
Despite a previous setback, there is an air of optimism surrounding BlackRock’s second attempt. BlackRock is the world’s largest asset manager, and the possibility of their ETF getting approved has undoubtedly given a significant boost to bitcoin’s spot price, which is now up by 14% on a month-on-month basis.
However, the cryptocurrency’s week-on-week performance has taken a hit, moving into negative territory after yesterday’s 2% drop.
In the futures market, long liquidations have suffered a US$35 million loss in the past 24 hours, while open interest has decreased by 6%.
On the Ethereum (ETH) front, the world’s second-largest cryptocurrency ended Thursday 3.4% down at US$1,846, with a slight recovery this morning to US$1,854.
In the realm of altcoins, Solana (SOL) is leading the pack among the blue chips on a week-on-week basis, having augmented its market capitalization by 4.5% to a current US$7.8 billion.
Despite Tron (TRX) and Polygon (MATIC) also posting gains, the broader altcoin market is experiencing a period of stagnation amidst a trend towards more reliable investments.
As it stands, Bitcoin dominates 51.5% of the global cryptocurrency market, which is valued at US$1.17 trillion, a considerable increase from less than 40% at the close of 2022.
