Bitcoin price increased slightly but could not break out in the short term

Bitcoin price increased slightly while the market also simultaneously increased in price. At the time of writing, BTC is changing hands at $39,453.

bitcoin-price-increased-slightly-but-could-not-break-out-in-the-short-term

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price remains below some key support areas at the end of the week

Data from Cointelegraph Markets Pro and TradingView painted a lackluster picture for BTC/USD on Saturday, the pair performing at $39,000 after seeing a low of $38,600.

“As the week comes to a close, Bitcoin has fallen back to $38.9k, while the SP500 followed suit. Their correlation remains relevant to when BTC will break out again. Meanwhile, gold climbed back to the same level as when war news broke”, Santiment stated.

bitcoin-price-increased-slightly-but-could-not-break-out-in-the-short-term

Source: Santiment

Traders hoped that the price swings above $40,000 would be enough to stabilize the market after the latest acceleration to $45,200. However, the bids could not sustain the trend, sending bitcoin back into the middle of the range it has been in since 2022.

In the market, 87 of the top 100 coins have increased in price compared to 24 hours ago, which the highest increase in the market belonged to Chiliz (CHZ), with a hot rise of 18.17% during the day. The most significant drop went to Thorchain (RUNE), which lost 9.77%.

Among the top 10 coins by market value, all coins were up 24 hours ago. The overall cryptocurrency market cap now stands at $1.779 trillion, and Bitcoin’s dominance rate is 42.1%.

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