Weekend Watch: Bitcoin Lost $20K, Cardano Soars 6%

It appears that the bears are slowly taking control over the market in the short term as the primary cryptocurrency trades below $20K, and the majority of other coins look indecisive at best. Of course, there are certain exceptions.

Bitcoin Losing $20K

The $20,000 level is one of significant importance. Apart from being a psychological mark, it also contains technical and fundamental support, being the high of the 2017-2018 bull market.

With that said, BTC has been flirting with $20K for a few days now, and it appears that the bulls may have finally given up. At the time of this writing, the cryptocurrency trades at around $19,800, having recovered from the daily lows at around $19,600.

img1_bitcoin_chart0409
Source: Binance via TradingView

The volatility has also disappeared from the market over the past couple of days, resulting in a lot fewer liquidations and overall trading volume. For the past 24 hours, there were only about $6 million in liquidated positions for BTC.

Cardano Soars 6% as Altcoins Indecisive

Even though most of the market is painted in green today, the increases are actually quite insignificant, as seen in the heatmap below.

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img1_heatmap0409
Source: Quantify Crypto

Cardano is undoubtedly the best performer among the top altcoins, whereas cryptocurrencies like ETH, DOT, BNB, and XRP, are all up by less than 1%.

DeFiChain (DFI) seems to be the coin that gained the most in the past day – up by a whopping 11.5%, followed by GMX and ADA. On the other end of the spectrum, we have Helium’s HNT, which is down 8.3%, followed by LEO – down 4.5%.

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Cryptocurrency charts by TradingView.


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