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Thursday saw volatility across the board as Bitcoin failed to break $60,000 after bullish momentum crumbled. The rest of the market saw a similar pattern on a mixed day of market movements.
Bitcoin once again saw major volatility as it climbed towards $60,000. The bulls appeared to be back in control; however, it was not to be as the price dropped back to where it was a day before. $58,000 remains a strong support level currently, and the weekend will likely bring more volatility to the market. The weekends have seen most of the volatility in recent weeks, and there is no reason why it shouldn’t be expected this week. The price action on Thursday had many traders sitting on the sidelines due to the volatile moves in either direction.
Source: Tradingview
ADA Reaches New ATH, Takes Third Before Dumping
Like Bitcoin, Cardano (ADA) saw a slow grind to a new all-time high of $1.48 on Thursday. The excitement was short-lived as the 15% gain in price on Thursday was completely erased in a matter of hours. ADA dropped the entire 15% back to prices seen yesterday.
Source: Tradingview
The Top 100 Biggest Gainer
The biggest gainer on Thursday saw a new entrant break into the top 100. Arweave (AR) climbed an impressive 30% on Thursday to lay claim to the 94th spot on the list. The rest of the top gainers did not even manage half of what AR gained.
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Source: CoinGecko Arweave has been backed by cryptocurrency presenter and personality Ran Neuner who expects the project to run up to $100 during the bull run.
Slow Day for Bitcoin Gains
Arweave might have had a splendid day; however, the rest of the market saw minimal action to get excited about. Most big moves were quickly corrected, leaving plenty of traders back where they started. The day appears to have been a wet blanket for the market. Traders will be expecting a better day on Friday, with a weekend pump continuation following after.
Traders expressed their sentiment to the volatile sideways action on Thursday with mixed emotions. While the next major move for Bitcoin after the $60,000 rejection is unclear, the volatility is certainly noticeable.
