Bitcoin Eyes $60K But These Altcoins Outperform (Weekend Watch)

Bitcoin’s price is recovering steadily from the drops experienced the other day, and the bulls are now targeting a critical resistance level.

That said, some of the altcoins are also going through a resurgence, with a few particular ones standing out.

Let’s dive in.

Bitcoin Price Pushing $60K

As seen in the chart below, Bitcoin’s price has managed to almost complete a V-shaped recovery from the lows at around $56K from two days ago.

The bulls have managed to push the price toward $60K, getting as high as $59,820 on some exchanges. The price has since retraced a bit, and it traded at slightly above $59K on Saturday morning. This marks an increase of about 1.3% in the past 24 hours. BTC remains 2.6% down in the past week.

Source: TradingView

Interestingly, sentiment has declined over the same period. According to the popular Cryptocurrency Fear & Greed Index, the market is currently in a state of “extreme fear.” The value of 25 is a decline compared to yesterday’s value of 27.

These Altcoins Outperform

The performance of the broader cryptocurrency market is quite mixed, with many of the large-cap altcoins trading in the red.

Prime examples include SHIB, DOGE, ADA, SOL, XRP, LINK, BNB, ETH, and more.

Source: Quantify Crypto

There are those, however, who managed to chart more substantial gains during the last day. For example, Helium’s HNT is up 5%, while the token of the decentralized derivatives heavyweight dYdX (DYDX) is up 4%. AAVE is also charting 3.3% gains.

All in all, though, the market remains uncertain. The ongoing battle between bears and bulls has resulted in about $111 million worth of liquidated positions, $70M of which are long traders and the rest – short traders.

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