The bulls are stopping Bitcoin’s nightly downturn while the altcoins are in positive territory.
Hopes that Bitcoin ( BTC ) would climb back above the $ 40,000 mark was put on hold on Friday night after new selling pressure developed against resistance .
As the data from Cointelegraph Markets and TradingView show, the Bitcoin Storm price has since slipped to a low of 34,368 US dollars before it went back to 37,300 US dollars.
The background to the slack could be that the rumors about Joe Biden’s planned Corona aid package initially caused a surge during the week, but this is slowly fizzling out, as it is becoming more and more clear that some of the package’s demands are probably not feasible.
In addition, Christine Lagarde, the head of the European Central Bank (ECB), had recently expressed disapproval of the market-leading cryptocurrency , which in her opinion favors money laundering. Meanwhile, a British wealth advisor has filed a petition aimed at banning crypto transactions entirely in the UK.
Financial markets are also weak
However, political and social headwinds are probably not the only reasons for the return of Bitcoin, because the other financial markets are currently facing increased selling pressure.
The two important American stock indices, the S&P 500 and NASDAQ, also fell slightly, losing 0.72% and 0.73% respectively. The Dow Jones was meanwhile able to successfully defend itself against the bears and at least achieved a plus of 0.3%.
An expanded look at the markets shows that gold and silver are down 1.07% and 3.17%, respectively, while the oil market and US Treasuries with 10-year maturities are also down 2.93% and 3.59% % slip.
Altcoins defy the trend
Only the altcoins can defy this trend. Chainlink ( LINK ) managed an upswing of 13.9% overnight , which catapulted its price to US $ 20.50. Cosmos ( ATOM ) crowns itself the winner of the last 24 hours with an increase of 21.62%, which puts a new price of 7.81 US dollars on the table.
For Ether ( ETH ), however, the situation is similar to that of Bitcoin. The second largest cryptocurrency loses 4.8%, dropping to $ 1,172.
The total market capitalization is currently 1 trillion. US dollars, with Bitcoin’s market share being 68%.