The global cryptocurrency market had mixed sentiment last week, with significant gains and losses. The total market capitalization remained unchanged at $1.66 trillion. Amid the roller-coaster ride, crypto assets Bitcoin ( BTC ), Near Protocol ( NEAR ), and Bonk ( BONK ) made notable moves.
Bitcoin Retests $45,000
The week started with continued discussions about the upcoming spot BTC ETF, which was positive for Bitcoin and the rest of the cryptocurrency market. Bitcoin opened the week at $42,146 and has been trending upward since entering the new year, eventually breaking through the $45,000 mark.
BTC Price – January 7 | Source: TradingView
The asset failed to reach this price level despite a sharp rally between October and December 2023. The new optimism brought by the new year sparked a rally on January 2 to a 21-month high of $45,894 as industry commentators highlighted that the asset was close to approval of multiple ETF applications.
However, optimism faded when a report from Matrixport suggested that all ETF applications could be rejected this month. After the report was released, a wave of selling ensued, causing a severe market crash. On January 3, BTC fell to a low of $40,879, with market liquidations approaching $700 million.
Despite the recovery, the top cryptocurrency plunged 4.69% intraday on the day, its largest intraday drop since December 11, 2023. Nonetheless, the asset has recovered most of its losses from January 3 and is currently trading at $44,007. It is holding the $44,000 price threshold.
Despite the Jan. 3 crash, Bitcoin still ended the week with an impressive gain of 4.41%. At current prices, the crypto-asset’s next key resistance level is below $45,000, currently at $44,857, the Fibonacci 0.786 level.
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Almost fell below $3
Near Protocol has been zealously defending the $3 price zone since reclaiming it on December 21, 2023. Prior to the December 2023 rally, NEAR last traded at the $3 mark in October 2022. After hitting a high of $3.625 on December 21, the coin remained above $3.5 for several days before finally hitting $4.62 on December 26, 2023.
Approaching Price – January 7 | Source: Trading Views
However, the asset started the week bearishly and fell into consolidation before dropping to $3.520. The asset struggled to hold $3.5. A cautious move to reclaim the $4 level materialized on January 2, but the bears mounted a strong opposition at the $4.33 resistance.
During the market crash on January 3, NEAR fell below the $3 mark for the first time since December 21, 2023, falling to support at $2.905. The next day, Near Protocol recovered the $4 area, but the move was short-lived.
The asset has since given back more gains and recorded two consecutive down candles this weekend. NEAR is down 7.7% this week, abandoning key price thresholds of $3.6 and $3.5.
Bonk falls to 4-week low
BONK has been in free fall since hitting an all-time high of $0.00003498 on December 15, 2023, and this continued plunge has continued into this week.
Since reaching its all-time high, Meme Coin has been hitting lower and lower highs and is currently down 67% from its peak.
BONK Price – January 7 | Source: TradingView
The downward spiral led to the formation of a downtrend, which was further exacerbated by the latest overall market turmoil.
BONK was one of the assets most affected by the drop, losing 13.68% in value on January 3. The next day, the asset gained just 2% in a weak recovery attempt.
In the following days, Meme Coin took a further hit, plunging 6.33% on January 5 and 3.83% on January 6. Amid continued declines, BONK closed the week at $0.00001075, its lowest price in four weeks. The coin closed the week down 23.4%, a dismal 2. However, with a CCI of -103, BONK may be on the verge of a trend reversal.
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