The first week of 2024 saw a less coins post gains as they faced corrections from the earlier pump stirred by the building anticipation for Bitcoin ETF approvals.
Bitcoin price analysis
Bitcoin (BTC), amid the massive anticipation, saw some minor bull activity as Bitcoin bulls tried to dominate in this week’s tough market conditions. As of press time, the Bitcoin price stood at $43.6K, representing a pump of 3.7% in the last seven days. The market cap stood at $854 billion.
Looking at weekly charts, Bitcoin’s long-term trajectory looks uncertain as bulls and bears struggle for dominance. The Relative Strength Index indicator is moving north while in the overbought region, suggesting bull action on the Bitcoin price. On the other side, the MACD is moving towards the red zone, suggesting bear action.
Ethereum price analysis
Ethereum (ETH), however, succumbed to the rough market conditions this week as it failed to post gains over the week. As of press time, the Ethereum price stood at $2232, representing a plunge of 3% in the last seven days. The market cap stood at $268 billion.
Looking at an in-depth analysis, Ethereum’s long-term trajectory looks bearish, with the price expected to plunge further. The Relative Strength Index indicator is moving south, suggesting selling pressure on the Ethereum price as the MACD also reverts towards the red zone, backing the bear prospects on the altcoin king.
Internet Computer Price Analysis
Internet Computer (ICP) is among our top gainers of the week. As of press time, the Internet Computer price stood at $12.06, representing a pump of 20% over the last seven days. The market cap stood at $5.4 billion.
Internet Computer’s long-term trajectory, however, looks uncertain as bulls and bears struggle for dominance. The Relative Strength Index indicator is moving Soth while it approaches an exit from the overbought region, suggesting selling pressure on ICP. On the other side, the MACD is moving in the green zone, suggesting bull action over the week.
Celestia Price Analysis
Celestia (TIA) is another top gainer of the week. As of press time, the Celestia price stood at $14.3, representing a pump of 18% over the last seven days. The market cap stood at $2.2 billion. This comes as the token’s trading volume stood at $534 million.
Arbitrum Price Analysis
Arbitrum (ARB) is our last gainer of the week. As of press time, the Arbitrum price stood at $1.72, representing a pump of 15.6% over the last seven days. The market cap stood at $2.1 billion.
Arbitrum’s long-term trajectory looks bullish, as indicators point out. The Relative Strength Index indicator is moving north as it enters the overbought region, suggesting bull dominance. The other MACD indicator is also moving in the green zone, suggesting bull action over the week as the ARB price looks to carry on its pump.
Source: https://blockchainreporter.net/weekly-analysis-btc-eth-icp-tia-arb/