The crypto market saw significant movement this week, with the global market cap climbing from $2.33 trillion to a three-month peak of $2.5 trillion before stabilizing at $2.38 trillion.
Bitcoin (BTC) Retests All-Time High Bitcoin initiated this uptrend with a surge, retesting the March 2024 all-time high of $73,000 before undergoing a notable correction. The week began with BTC climbing into the $70,000 range after recording three consecutive daily gains from October 26. Bitcoin surpassed the $71,000 resistance, pushing past $73,000, marking a seven-month peak. However, BTC faced a sharp correction, now finding support near the 20-day moving average (MA) at $68,564. If this support fails, BTC could see a further drop to the lower Bollinger Band at $65,214. A recovery above $71,913, however, could reinvigorate bullish sentiment.
EIGEN Drops 17% Despite mild gains in the broader market, EigenLayer (EIGEN), the native token of Ethereum’s restaking protocol, recorded a 17% decline. Since its launch on October 1, EIGEN has struggled to reclaim its high of $4.90 on Binance, ending the week with significant bearish pressure and forming a downward channel. For a bullish reversal, EigenLayer needs to close above the 23.6% Fibonacci retracement level at $2.642 this week.
Kaspa (KAS) Faces Uncertainty Kaspa (KAS) moved independently of the broader market, posting gains mid-week but ultimately closing with a 4.4% loss. Throughout the week, KAS struggled to break above its pivot at $0.2592, indicating bearish momentum. For a reversal, KAS must surpass this level and reclaim the October high of $0.1311. Overcoming the initial resistance at $0.1492 could lead KAS toward key psychological levels at $0.15 and $0.16, with a second hurdle at $0.1636.
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