The global cryptocurrency market recorded mixed sentiments last week, experiencing major ups and downs. Total market capitalization remained unchanged at $1.66 trillion. Amid the rollercoaster ride, crypto assets Bitcoin (BTC), Near Protocol (NEAR), and Bonk (BONK) made notable moves.
Bitcoin retests $45,000
The week began with favorable conditions for Bitcoin and the rest of the crypto market as ongoing discussions took place about the upcoming spot BTC ETFs. Bitcoin started the week at $42,146 and started the new year on an upward trend that eventually saw Bitcoin reach the $45,000 mark.
BTC Price – January 7th | Source: Trading View
The asset failed to reach this price mark despite its massive increases from October to December 2023. The renewed optimism brought by the new year sparked a rally to a 21-month high of $45,894 on January 2, as industry commentators emphasized imminent approval for the numerous ETF applications.
However, optimism faded when a Matrixport report showed the possibility of all ETF applications being rejected this month. Amid the report, a wave of sell-offs occurred, resulting in a severe market decline. BTC fell to a low of $40,879 on January 3, with liquidations in the market reaching nearly $700 million.
Despite a recovery, the leading cryptocurrency saw an intraday plunge of 4.69% on the day, its biggest intraday decline since December 11, 2023. Nonetheless, the asset has recovered most of the losses from January 3 and is currently trading amid a Traded for $44,007 during the fight, holding the price threshold of $44,000.
Despite the collapse on January 3rd, Bitcoin ended the week with an impressive gain of 4.41%. At the current price, the crypto asset's next key resistance below the $45,000 level is at $44,857, currently at Fibonacci 0.786.
NEAR drops below $3
Near Protocol had vehemently defended the $3 price area since reclaiming it on December 21, 2023. Before the December 2023 rally, NEAR last traded at the $3 mark in October 2022. The token held above the $3.5 mark for several days and finally reached the value of $4.62 on December 26, 2023.
NEAR Prize – January 7th | Source: Trading View
However, the asset started this week on a downward trend as it was caught in a consolidation that was preceded by a decline to $3,520. The asset struggled to defend $3.5. There was a measured attempt to reclaim the $4 mark on January 2, but the bears offered stiff resistance at the $4.33 resistance point.
Amid the market plunge on January 3, NEAR fell below the $3 mark for the first time since December 21, 2023 and plummeted to the support level at $2,905. Near Protocol rallied the next day with a rebound move above the $4 zone, but this campaign was short-lived.
Since then, the asset has shed further gains and recorded two consecutive daily losing candles at the end of the week. NEAR ended the week with a 7.7% decline, abandoning the crucial price thresholds of $3.6 and $3.5.
Bonk falls to 4-week low
BONK has been in free fall since it hit an all-time high of $0.00003498 on December 15, 2023, and this continuous decline has continued into this week.
Since hitting the all-time high, the meme coin has seen progressively lower highs and is now 67% below the peak.
BONK Prize – January 7th | Source: Trading View
The downward spiral has resulted in the emergence of a downward trend, which has been exacerbated by the recent market-wide turmoil.
BONK was the most affected by the decline, losing 13.68% of its value on January 3rd. The asset gained just 2% the next day in a weak attempt at recovery.
The following days dealt the meme coin further setbacks, with a 6.33% plunge on January 5th and a 3.83% decline on January 6th. Amid the ongoing decline, BONK ended the week at $0.00001075, marking its lowest price in four weeks. The token ended the week with a discouraging 23.4% decline. However, BONK could be on the verge of a trend reversal with a CCI of -103.
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