Traders welcomed Wednesday, Feb 24, with some green price action following two days of altcoin bloodshed. The small recovery gives hope for the rest of the week as bitcoin (BTC) pushes for $50,000.
The week may have started with some of the biggest 24-hour liquidations ever seen. Bitcoin declined to the mid-$40k range as traders suffered roughly $6 billion in liquidations on Tuesday, Feb 23.
While many traders were licking their wounds, Bitcoin volatility continued on Wednesday as the digital asset spiked up by 7.5% to break $50,000 several times.
BTC appears to be having a real sparring match with the $50,000 mark at the moment. However strength on the day could also be attributed to another mammoth bitcoin purchase by MicroStrategy. The firm announced that it had purchased an additional $1.026 billion in bitcoin, or 19,452 BTC.
The company continues to show its bullish sentiment long-term towards the leading crypto asset following another hefty purchase. This makes MicroStrategy one of the biggest bulls in the market currently.
Altcoins Recover
Wednesday saw most of the top 100 coins recover to some extent following two dramatic red days. Only four cryptocurrencies, minus stable coins, were in the red on Wednesday.
The top 10 all saw green over the last 24 hours. Binance Coin (BNB), Chainlink (LINK), and Cardano (ADA) saw double-figure recoveries.
XRP was the least impressive out of the top 10 as the coin barely budged on a day when the market began to look prime for a resurgence across the board.
Top 100 Biggest Gainer
Exchange tokens such as BINANCE Coin (BNB), KuCoin Shares (KCS), and Huobi Token (HT) all enjoyed huge gains over the past week. However, it appears smaller exchange token Bitmax Token (BMTX) finally decided to come to the party.
It managed an impressive gain, pushing into the top 100 and ultimately making it the top 100 gainer with a 75% run within 24 hours. Special mention goes to DOGE, which also had a 25% gain following a slow drawdown in popularity and sentiment in recent days.
The week is currently playing out similarly to last week. Monday and Tuesday saw a lot of red, followed by an impressive recovery. But will it continue into the weekend?
It’s quite likely something similar will play out as BTC rests at an important juncture. Traders speculate that the price will either retest support at $42,000 or push towards $60,000.
A load of stuff looks like it's completing a nice bearish retest today.
Play is simple, reclaim these levels, I'll rebuy spot. Until then I'm expecting to be a buyer lower.
Looking for a $BTC reaction at $46k and if we go for the jugular, $38k – $41k. pic.twitter.com/bZW6r3Ygw4
— Cold Blooded Shiller (@ColdBloodShill) February 24, 2021
was looking for a possible spike to 42k yday to add more, didnt get. If we make a daily close above Monday low today, im expecting a push towards 52k next then 54k $BTC
— TraderSZ (@trader1sz) February 24, 2021
