Bitcoin managed to swing higher on Tuesday following bullish action at the US$29,500 support line.
The day ended with BTC/USDT 1.6% in the green at US$29,700, with a strong bout of volatility kicking in today.
Bitcoin actually managed to briefly reclaim the US$30,000 price point before being swiftly knocked back to US$29,595, where the BTC/UDST pair is changing hands at the time of writing.
Low exchange-traded volumes persist for the world’s largest cryptocurrency, and with little in the way of external catalysts, bitcoin may struggle to reclaim 30k for any sufficient amount of time, at least in the short term.
Bitcoin briefly hits 30k before being knocked back – Source: currency.com
The surprisingly high bout of recent volatility saw a spike in liquidations on the futures market, with US$28 million worth of shorts and US$24 million worth of longs wiped out on Tuesday, followed by another US$13.5 million in short liquidations this morning.
Ethereum (ETH) closed Tuesday 0.9% higher at US$1,873, though has fallen back 0.75% to US$1,859 in this morning’s Asia trading window.
In the altcoin space
A few select altcoins have been trending well, though Bitcoin has managed to reclaim 50% market dominance metric after a solid week below.
Binance’s recent global push outside of the US has been good for world’s largest cryptocurrency exchange’s BNB token, which is currently 3% higher week on week with a market capitalisation of US$37.7bn.
Meme coin Shiba Inu (SHIB) remains the best performer of the top-20 altcoin bunch, adding 5% week on week.
Meanwhile, Cardano (ADA), Solanna (SOL), Litecoin (LTC) and the bitcoin hard fork Bitcoin Cash (BCH) have added low single digits to the respective market caps.
Global cryptocurrency market cap currently stands at US$1.18 trillion, having added 1.6% overnight.
The Bitcoin Fear & Greed Index ticked two points higher to 53 overnight, which still places it in a neutral position.
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