Bitcoin price reached a high at $42,199, although the buying eventually waned
Bitcoin was higher for a third straight day, changing hands at around $41,500. But the headiest (and most ridiculous) crypto-markets action was in ApeCoin. At the time of writing, BTC is changing hands at $41,691.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price was roughly flat over the past 24 hours, compared with a 24% rally in APE
Bitcoin held near the $41,500 price level after a three-day price increase of nearly $3,000. Analysts said that the largest cryptocurrency benefited from optimism that a spot Bitcoin ETF might win approval from the U.S. Securities and Exchange Commission.
Bitcoin has maintained support above $37,500 over the past month, indicating a loss of downside momentum. However, on intraday charts, BTC appears to be overbought, which could briefly stall the current upswing in price.
A series of higher price lows since Jan. 24 suggests continued buying interest around the $32,000-$37,500 support zone, which is the bottom of a year-long price range.
The next significant resistance level is $46,700, which has capped price rallies over the past few months. Typically, price rises begin to stall after retracing roughly 38% to 50% of the prevailing downtrend, similar to last year’s September.
Still, the significant slowdown in BTC’s long-term uptrend suggests upside could be limited over the next few months.
Meanwhile, some altcoins are starting to outperform bitcoin. For example, AAVE, EOS, and CAKE rose by more than 3% over the past 24 hours. Also, on Wednesday, a pair of tweets from the pseudonymous profiles ignited a 24% rally in the price of ApeCoin (APE), a token linked to the NFT project Bored Ape Yacht Club (BAYC).
The overall cryptocurrency market cap stands at $1.928 trillion, and Bitcoin’s dominance rate is 41.1%.
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