Market Watch: Despite Price Dip to Weekly Low, Bitcoin Consolidation Range Continues

Bitcoin briefly slumped to a weekly low beneath $38,000 but reclaimed all lost ground and returned to a familiar level of around $39,000. The altcoins are slightly in the red today, with a few exceptions, such as Terra.

Bitcoin Saw a Weekly Low

In the middle of last week, bitcoin initiated a surprising leg up after Biden’s executive order on cryptocurrency regulations and skyrocketed to nearly $43,000. However, this trip north was short-lived, and the bears came back to the scene.

In the following hours, BTC lost more than $3,000 and dropped to $39,000. Since then, the asset has remained relatively stuck around that line with only a few brief price pumps and dumps.

The latest example came hours ago when the primary cryptocurrency fell by $1,500 to its lowest price position since March 7 at $37,500. Nevertheless, it bounced off and now stands around $39,000 once again, after Tesla’s CEO Elon Musk said he has no plans to dispose of his BTC, ETH, and DOGE positions.

As such, bitcoin’s market capitalization has remained just under $750 billion.

BTCUSD. Source: TradingView

Terra Jumps 8%

The altcoins have also been in a rather similar situation as BTC, with minor moves in the past 24 hours. Ethereum struggles below $2,600 after a brief drop towards $2,500 earlier today.

Ripple has lost the most value in the past day after being among the high flyers over and prior to the weekend. XRP is now down by 3.5% and sits below $0.8.

Binance Coin, Polkadot, Avalanche, Dogecoin, Shiba Inu, MATIC, CRO, and ATOM are also slightly in the red today, while Solana and Cardano have marked minor gains.

Terra is the most substantial gainer, with a near 8% increase. Consequently, LUNA trades above $90.

The crypto market cap is up by around $50 billion since the low earlier to approximately $1.750 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto