Top Three Cryptocurrencies to Watch This Week (Jan 16)

Cryptocurrencies to Watch in October 2021

Most cryptocurrencies saw huge volatility during the previous intraweek session. This comes as the much-anticipated EFT was approved. This comes after so much back and forth between the concerned institution and the United States SEC. There were also reports of hackers getting in on the drama as they seized the regulator’s X account.

The events that unfolded had a massive impact on the global cryptocurrency market. It was worth $1.64 trillion at the start of the previous week. As the session progressed, it peaked at $1.77 trillion as the clamor for the ETF continued. Following the approval, prices slumped and the sector dropped to a close at $1.66 trillion which means the market gained nothing in the end.

With a focus on the week, most asset are not off to a good start. Nonetheless, the last 24 hours offered more in terms of volatility. Some cryptos are also gearing up for a possible uptrend. Let’s see how they’ll perform in the next five days.

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

BTC took center stage in the recent intraweek session, marked by the heightened anticipation surrounding the approval of the much-awaited exchange-traded fund (ETF). Despite earlier setbacks, including the hacking of the SEC’s X account, the approval eventually materialized, injecting significant volatility into the price action.

This pivotal event unfolded on Friday, as the flagship coin initiated trading at $46,678. The day witnessed a continuous upward trajectory, breaking the $48,000 threshold after two unsuccessful attempts. The bullish momentum persisted, testing the $49,000 mark and briefly surpassing it. The peak reached $49,448, but formidable rejections ensued, causing a retracement to a low of $46,500. The asset rebounded, concluding the session at its opening price.

A notable occurrence transpired on Monday when BTC commenced trading at $43,936. After dipping to a low of $43,213, a robust recovery ensued, breaking through the $47,000 barrier. Despite encountering minor rejections at $47,281, it closed at $46,955, reflecting a remarkable gain of almost 7%, constituting the most significant move in the session.

Looking ahead to the new week, Bitcoin experienced a relatively sluggish start, surging to a high of $43,321 in the preceding intraday session but closing at $42,943, failing to register any gain. However, the current market momentum indicates a change.

With an uptick of over 2%, BTC is gearing up to challenge crucial levels, notably the $44,500 resistance. Recognized as a significant hurdle, overcoming it might pose a challenge for the flagship coin. Nevertheless, if the present trend persists, a successful flip is foreseeable.

A supporting factor for this expectation is the Relative Strength Index (RSI) currently at 50, indicating an upswing in buying volume due to the recent uptrend.