Bitcoin Hits $60,000, But These Altcoins Outperform (Weekend Watch)

Bitcoin price is steadily recovering from the declines experienced the other day, and the bulls are now targeting a critical resistance level.

That said, some of the altcoins are also going through a resurgence, with some particular ones standing out.

Let’s dive in.

Bitcoin price rises above $60,000

As seen in the chart below, Bitcoin price has managed to almost complete a V-shaped recovery from the lows around $56,000 two days ago.

The bulls have managed to push the price towards $60,000, reaching as high as $59,820 on some exchanges. Since then, the price has pulled back a bit and was trading at just above $59,000 on Saturday morning. This represents an increase of around 1.3% in the last 24 hours. BTC remains down 2.6% last week.

Source: TradingView

Interestingly, sentiment has declined over the same period. According to the popular Cryptocurrency Fear and Greed Index, the market is currently in a state of “extreme fear”. The value of 25 is a decline compared to yesterday’s value of 27.

These Altcoins outperform

The performance of the broader cryptocurrency market is quite mixed, with many of the large-cap altcoins trading in the red.

Major examples include SHIB, DOGE, ADA, SOL, XRP, LINK, BNB, ETH and more.

Source: Quantify Crypto

There are those, however, who managed to chart more substantial gains over the last day. For example, Helium’s HNT is up 5%, while heavyweight decentralized derivatives token dYdX (DYDX) is up 4%. AAVE also recorded gains of 3.3%.

All in all, however, the market remains uncertain. The ongoing battle between bears and bulls has resulted in about $111 million in liquidated positions, $70 million of which are long traders and the rest, short traders.

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