Bitcoin (BTC) and Ethereum (ETH) faced a sudden and steep decline on January 3, wiping out their gains from the previous week. However, both cryptocurrencies recovered and retested their resistance levels in the following days. The overall market trend remained bearish, but some lower-cap altcoins showcased impressive gains, maintaining their weekly uptrend.
On January 3, Bitcoin’s price plummeted by over 10% to $40,800 before bouncing back. This decline coincided with the release of Matrixport’s report for its clients, suggesting that spot Bitcoin ETF proposals, expected for regulatory approval, might face rejection by the United States Securities and Exchange Commission (SEC) this month. Matrixport researchers expressed concerns about the current SEC leadership’s stance on crypto, indicating a potential hurdle for Bitcoin Spot ETF approvals.
Despite the challenges, Bitcoin managed to recover its losses. Altcoins in the top 50 cryptocurrencies list also exhibited notable performances, with Celestia (TIA) leading the pack. Celestia (TIA) saw a remarkable 24% surge over the past week, reaching a peak of $17.24. As of the latest data, TIA is trading at $14.97, reflecting a robust 5.80% increase in the last 24 hours.
Sei (SEI) secured second position among the standout performers. SEI recorded a 20% gain over the past week, currently trading at $0.7076 with an 8.46% price increase in the last 24 hours.
Moreover, Lido DAO (LDO) secured third position among the standout performers. LDO, with a weekly increase of over 18%, is trading at $3.14, showing a 0.81% price increase but a 38.56% decrease in trading volume within the last 24 hours.
Other notable altcoins, including Arbiturm (ARB), Stacks (STX), and Maker (MKR), also reported gains in their weekly charts, with ARB up by 17%, STX by 14%, and MKR showing a 5% increase, according to CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin faced a downward trend this week, dropping to $40.8K, while Ethereum also fell to 21,13. Santiment reported that Bitcoin is slightly falling as the weekend begins and warned of possible volatility due to whale transactions reaching their highest level since June 12, 2022. When whales move large amounts of coins, prices often indicate a change in the market cycle.
Crypto analyst Ali noted that About 1.11 million $BTC were purchased between $42,560 and $43,245 and have not been moved yet, creating a strong support wall.
This level could be crucial for Bitcoin’s future direction. If Bitcoin can stay above it, there is little resistance to stop it from climbing higher. But if $42,560-$43,245 breaks down, a sharp drop to the next key zone between $26,770 and $30,220 could follow.
Bitcoin price is currently trading at 44,036 with a 24-hour trading volume of 101.00B, a market cap of $ 862.77B, and a market dominance of 52.13%. The BTC price increased 0.43% in the last 24 hours and 4% in the last week.
Meanwhile, Santiment shared via X post, Ethereum has been steadily recovering toward its local top resistance level of $2,444 as crypto prices bounce back today. Interestingly, the largest $ETH non-exchange whales are buying more coins, while exchange whales remain low.
Additionally, on January 5, Ali stated that After the recent sell-off, there’s been a significant rebound, with over $2.5 billion coming back into the crypto market. This inflow could indicate a revival of investor sentiment and a positive shift in the market.
Ethereum price is currently trading at 2,225.29 with a 24-hour trading volume of 35.95B, a market cap of $ 267.45B, and a market dominance of 16.16%. The ETH price decreased by 0.64% in the last 24 hours and a 2% decrease in the last week.
Related Reading | Injective (INJ) Token Unlock Nears: Analyst Foresees Surge To $60 Amidst Volatility