Another week, another round of Crypto Tidbits.
After over a week of ranging, Bitcoin attempted to break higher this week. The flagship cryptocurrency moved from the weekend lows of $8,900 to a weekly high of $9,470 on major exchanges.
The move has since been reversed, with BTC trading at $9,200 as of this article’s writing. This is above the price BTC was trading at when the last Crypto Tidbits was written.
Chart of BTC's price action over the past week from TradingView.com
Looking back at the chart, it is evident that Bitcoin was following the direction of the S&P 500 and other stock markets. The correlation seemingly became more intense this week, with each notable move on the chart above being triggered by movements in global markets. An analyst in the crypto space said that this increasing correlation is due to the crypto market becoming somewhat illiquid/inactive.
Despite the somewhat intense price action, BTC’s volatility indicators remain extremely low on a macro scale. This indicates that the cryptocurrency will undergo a strong breakout in one direction in the weeks ahead.
While Bitcoin has stalled, it was an entirely different story for altcoins this past week.
As NewsBTC has covered extensively, multiple altcoins have seen explosive breakouts in the upward direction. It’s a list that includes Cardano (ADA), Dogecoin (DOGE), Synthetix (SNX), VeChain, and Chainlink (LINK).
Aside from Dogecoin, which Elon Musk once dubbed his “favorite” cryptocurrency, the digital assets mentioned have been benefiting from strong fundamentals.
Chainlink, for instance, recently saw its core technologies integrated into the Blockchain Service Network. The network is a blockchain integration project backed by some of China’s biggest banks, technology companies, and government agencies.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Crypto Tidbits: TikTok's Dogecoin Craze, Coinbase on Stock Markets, Bitcoin Holds $9k
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