Bitcoin bulls return with a rise to $42,000 as markets attempt a recovery: Weekend Watch

The past week has seen something of a rollercoaster in price action as Bitcoin's decline sent ripples throughout the market.

However, now the major cryptocurrency is attempting a recovery, which has also benefited altcoins, many of which have seen gains in the last 24 hours.

Bitcoin price shoots to $42,000

At the time of writing, Bitcoin price is around $41.5k, up 3.4% in the last 24 hours.

This comes after a sudden uptrend yesterday afternoon that saw BTC gain over $1,000 in less than a few hours. The positive momentum pushed the cryptocurrency up to $42,000, where the bears provided resistance and prevented further increases.

The move caused turmoil in the derivatives market and led to over $110 million in liquidations, most of which were short positions.

Source: CoinGecko

Industry participants are now watching Grayscale outflows and whether investors will sell the BTC they have had in the fund for years now that the spot ETF is finally a fact.

Altcoins are also well in the green

While Bitcoin's price rose, most large-cap altcoins also capitalized – some better than others.

Source: Quantify Crypto

In fact, as you can see in the heatmap above, with the exception of Toncoin (TON), all other major altcoins are trading in the green.

It is noteworthy that Solana and Avalanche have recovered better, but Ethereum, Binance Coin and Ripple are also clearly in the green.

Manta Network (MANTA) and SATS (Ordinals) are the best performing coins in the last 24 hours, up 21% and 18.4%, respectively.

Chiliz (CHZ) and Klaytn (KLAY), on the other hand, fell about 4% each.

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