Bitcoin Market Update

Past Performance

The past seven days saw Bitcoin’s market capitalization increase by $150 million, with a weekly close on Sunday. However, bulls failed to capitalize on the opportunity and broke the $59K resistance level on three separate occasions on Monday, Tuesday, and Wednesday.

Market Turmoil

The discovery of a new COVID variant called Omicron has contributed to broader market turmoil, causing stocks to be shaky. This volatility is likely to persist until the risk-on trade can continue with full force.

Market Performance

• Solana (+10.5% in 7 days)
• LUNA (+59.1% in 7 days)
• DOT (-9.3% in 7 days)
• XRP (-7.3% in 7 days)
• ADA (-3.7% in 7 days)
• AVAX (-8.7% in 7 days)

Market Outlook

The analyst’s floor model missed a long shot, but it remains intact. A historically bullish month is expected for the cryptocurrency market.