Global cryptocurrency markets have witnessed major gains and losses over the past week, with mixed emotions. The overall market capitalization stagnated at $1.66 trillion. Amid the roller coaster ride, cryptocurrency assets Bitcoin (BTC), Near Protocol (NEAR), and Bonk (BONK) have made notable moves.
Bitcoin Retests $45,000
The week started on a favorable note for Bitcoin and the rest of the cryptocurrency market amid ongoing discussions about an upcoming spot BTC ETF. Bitcoin entered the new year on the rise, starting the week at $42,146 and eventually surpassing $45,000.
The asset failed to reach this price despite a huge surge from October to December 2023. New optimism brought by the new year sparked a rally to a 21-month high of $45,894 on January 2, with industry commentators highlighting the impending approval. Apply for various ETFs
But optimism faded after the Matrixport report suggested all ETF applications would likely be rejected this month. As the report came out, a wave of selling continued, leading to a serious market collapse. BTC fell to a low of $40,879 on January 3, with market clearing reaching $700 million.
Despite engineering a recovery, the top cryptocurrency recorded an intraday slump of 4.69% on the day, its highest intraday decline since December 11, 2023. Nonetheless, the asset has recovered most of its losses on January 3 and is currently trading at $44,007. Maintain the $44,000 price threshold.
Bitcoin ended the week with an impressive 4.41% gain despite the January 3 crash. The next pivotal resistance for the cryptocurrency asset below $45,000 at current prices is currently at $44,857, which is the Fibonacci level of 0.786.
NEAR plummets below $3
The Near protocol regained the $3 price area on December 21, 2023 and has since defended it fervently. Prior to the December 2023 surge, the last time NEAR traded around $3 was in October 2022. After reaching a high of $3.625 on December 21, the token stayed above the $3.5 level for several days before eventually reaching $4.62 on December 26, 2023.
However, the asset started the week weak due to consolidation before falling as low as $3.520. The asset had difficulty defending $3.50. A cautious move to regain the $4 level materialized on January 2, but the bears encountered strong opposition at the $4.33 resistance point.
Amid the market downturn on January 3, NEAR fell below the $3 level for the first time since December 21, 2023, breaking to the support level of $2.905. Near Protocol recovered the $4 zone in a recovery move the next day, but this campaign was short-lived.
The asset has since made more gains, posting two consecutive daily candles of losses over the weekend. NEAR ended the week down 7.7%, giving up key price thresholds of $3.6 and $3.5.
Bonk falls to 4-week low
BONK has been in freefall since hitting an all-time high of $0.00003498 on December 15, 2023, and this ongoing slump has continued into this week.
Since claiming all-time highs, Memecoin has continued to hit lower and lower highs, currently down 67% from its all-time high.
A downward spiral has created a downtrend, made worse by the recent market-wide turbulence.
BONK was one of the most affected by the decline, losing 13.68% of its value on January 3. The asset gained only 2% the next day in a weak recovery attempt.
In the following days, Meme Coin suffered further shocks, falling 6.33% on January 5th and 3.83% on January 6th. Amid continued declines, BONK hit its lowest price in four weeks, ending the week at $0.00001075. The token ended the week with a disappointing 23.4% decline. However, with a CCI of -103, BONK may be on the verge of a trend reversal.