The post Crypto Market Weekly Review: Bitcoin Falters, While Altcoins Showed Mixed Signals appeared first on Coinpedia Fintech News

With a bullish start to the week, the Bitcoin price fails to sustain recovery, dropping back to square one as the week concludes. Further, this week, the altcoins are making waves limiting the growth as buyers struggle for a comeback.

With such a losing end to the week, the market is filled with curiosity for a trend reversal or a bounce back next week. As the technicals suggest in the analysis shared in this article, it hints at a bullish spree potentially starting next week. As the bullish dream takes a halt, the Bitcoin price prediction for 2024 is struggling to hold on to the $100,000 target.

Bitcoin’s Volatile Week Takes A Bearish Turn

With a bullish growth in the starting two days of this week, BTC price shows a recovery of 3.50%. However, starting the week’s second half, Bitcoin’s price fails to prolong the recovery beyond the $43K mark.

Hence, with the sudden loss of bullish momentum, the BTC price drops dead to the $41K support zone. Nevertheless, the increased efforts from buyers led to lower prices for rejection candles and tease a morning star pattern.

The weekly liquidation data shows $80.04 Million in short liquidations and $136.25 Million on the opposite front. With notable spikes hurting the bullsih sides during the days of correction, the bearish side projects a stronger position and warns of a downfall.

With the ongoing pivotal juncture slightly above the $40K support zone, the coming week will be crucial for the upcoming price trend in Bitcoin. The divergence in the RSI line offers a reversal possibility and attracts sideline reversal traders.

Hence, a bullish reversal can help the Bitcoin price revert to the $46K mark. On the flip side, a downfall under $40K can retest the $36K support zone.

Second Side Of The Crypto Coin: Altcoins

During this tumultuous week for the crypto market, the altcoins had a bittersweet time overall. With the major coins hitting breaks, Ethereum is down by 3.69%, Binance’s token BNB shows 4.36% upside, Cardano is down by 6.42%, and XRP is down by 4.60%.

Heading towards the top performers and the top losers of the week. We have Flare (FLR), Siacoin (SC), and Ronin(RON) with a 7D growth of 29%, 24%, and 22%, respectively.

On the downside, we have SUI SATS and Aptos(APT), each recording a fall of 18%, 17.74%, and 17%, respectively.

DeFi Market

The Total DeFi market cap has increased by 2.44% this week and shows a bullish trend of recovery continuing in 2024. The total value locked comes to $57.483 billion, a significant jump from $56.11 billion last week. However, the volume in the DeFi sector depletes from $6.92 Billion to $4.288 Billion.

Source: Defillama

Amongst the recovering DeFi sector, UMA, API3, and DFII.Money(YFII) are the top performers, with 154%, 52%, and 30% growth, respectively, in seven days.

NFT market

The Non-Fungible Tokens market finds a bearish week as the total sales are down by 28%, and an overall market cap of $33.14B. The loss of volume is supported by a drop in active market wallets of 16%.