BTC Attempts Recovery AFter New Weekly Dip To $40,000: Analysis

BTC attempts recovery after a new weekly dip to $40,000 and managed to add $2000 in value in less than a day while DYDX surged by 30% to a new ATH so let’s read more in today’s Bitcoin news.

Following another dip below the $41,000 point, BTC reacted well and did recover by a few thousand dollars and most alternative coins were still struggling at that time. There were some minor movements with a few exceptions like DYDX that marked a new all-time high. Ever since the volatility on Friday when the primary crypto lost $4000 of value in a few minutes thanks to the latest Chinese Ban, the asset failed to produce major gains. Just the opposite, the bears pushed even more sought despite the brief recovery attempts on Saturday, and then on Sunday, there was a fast weekly drop towards $40,000 but the bulls managed to save BTC from reaching a low level.

After bouncing to $42,000, another price drop came a day ago and BTC slumped to $40,700 again and as of now, the crypto recovered about $2000 and now stands above $42,000. the market capitalization neared $800 billion and the dominance over the altcoins sits at 42.5%. most alternative coins lost major chunks of value in the past few days. Ethereumwent from above $3100 to $2900 and the second biggest crypto stalled since then and now stands over this level.

Ripple, Dogecoin, Cardano, Avalanche, and Polkadot remained still since a day ago while Uniswap, Solana, and Binance coin made smaller gains. The situation with the low-cap altcoins is different. DYDX is the most significant gainer again by 30% in one day and it surged 100% in the past week due to the growing demand from Chinese users. AXS is up in one day as well which came as the number of tokens holders hit a new ATH and the market recovered by adding $70 billion in one day, still being below $1.9 trillion as BTC Attempts recovery after the new dips.

Source: https://www.dcforecasts.com/bitcoin-news/btc-attempts-recovery-after-new-weekly-dip-to-40000-analysis/