Bitcoin Bounces Off 200-Week Moving Average as Market Sees Gains
The cryptocurrency market has seen some interesting developments over the past day. Bitcoin (BTC) is trading near $63,824, up 1.45% in the last 24 hours, and hovering close to its 200-week moving average at $63,700.
Ethereum (ETH) held steady around $1,866, while XRP traded near $1.07, which is up for the week. Solana's price remained around $73.70, but BNB outperformed with a 4.65% weekly gain to $591.03.
The total crypto market capitalization stood at $2.18 trillion, a 1.1% increase over the past day. However, 24-hour liquidations more than doubled to $224.06 million, up 117.26%. The Fear & Greed Index remains in 'fear' territory with a reading of 37.
Analysts point out that Bitcoin is trading almost directly on its 200-week moving average and note that long-term resistance continues falling toward $69,000, compressing the range Bitcoin has traded in for weeks. On-chain indicators like MVRV are approaching levels typically seen near major bottoms but haven't fully reset.