Hassan Maishera
The cryptocurrency market embarked on a rally during the weekend, with Bitcoin finally overcoming the $35k resistance point.
Bitcoin rallies towards $40k
The cryptocurrency market has been on an extended bear run that lasts for weeks. Over the past few weeks, Bitcoin has struggled around the $30k region, periodically falling below that benchmark.
On Tuesday last week, Bitcoin’s price dropped below $30k for the first time in a month. However, it quickly reversed and stayed above $31k for the rest of the week. The weekend is where the action happened, with Bitcoin surpassing the $35k resistance point and topping $38k before the end of the weekend.
The cryptocurrency market accelerated further when the Asian market opened earlier today, with Bitcoin briefly touching $39k. The BTC/USD pair has dropped back to the 38k region, but market experts and analysts believe that it could soon reach 40,000. If that happens, it would be the first time since May that Bitcoin has reached that level.
The 10% gained by Bitcoin over the past 24 hours is the highest daily profit recorded in the past four months. The rally coincided with reports that Amazon will start accepting Bitcoin payments before the end of the year. Amazon is the world’s leading ecommerce retailer, and accepting Bitcoin as payment for its goods and services will boost the cryptocurrency’s adoption.
Bitcoin is not the only winner this weekend. Ether has already bounced back from its bearish trend and is up by 23% over the past week. The second-largest cryptocurrency by market cap is now trading above $2,300 and could reach the $2,500 region over the next few hours or days.
Dogecoin, Cardano, Litecoin, XRP, Polkadot, Bitcoin Cash and Uniswap are some of the other major cryptocurrencies that recorded over 10% profit in the past week. Binance Coin (BNB) is the only one amongst the major cryptocurrencies to record a single-digit profit in the past week. Its poor performance could be attributed to Binance’s regulatory challenge in some parts of the world.
