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Bitcoin and other cryptocurrencies were rising Friday after a volatile but buoyant week. However, Saturday and Sunday lie ahead as a challenge for crypto traders, with a lack of liquidity in markets likely to exacerbate price swings.
The price of Bitcoin has risen 1.5% over the past 24 hours to $28,100 and returned to the zone near $28,500, which marks both the recent peak for the largest crypto and its highest level since last June, when the bear market that defined 2022 accelerated. Bitcoin has risen 70% so far this year, spurring calls of a new bull market. Analysts have been eyeing the $30,000 level -- where prices stood before the June selloff -- as key.
"Bitcoin still has a good chance of testing the $30,000 level," said Alex Kuptsikevich, an analyst at broker FxPro, but added that a medium-term correction to $25,000 was still a risk if prices don't hold gains.
After weeks of outperformance, digital assets have largely slipped back into their correlation with the stock market this week, swinging around with the Dow Jones Industrial Average and S&P 500 and acting as a barometer for risk appetite.
But the weekend could prove a challenge for digital asset traders and may be the make-or-break for Bitcoin's next move either way.
Crypto markets have suffered from a lack of liquidity -- in essence, the amount of buyers and sellers on hand -- since exchange FTX collapsed in November, and the situation has been exacerbated by the recent collapse of two crypto-focused banks. Bitcoin's weekend trading volume in particular has plunged, with weekends now seeing on average a third less volume than weekdays.
"Crypto markets are at their most volatile when liquidity is low. Prices have less support to both the downside and the upside, which could explain Bitcoin's rapid 17% surge since the start of the month," said Conor Ryder "The liquidity situation in crypto hangs in the balance."
Beyond Bitcoin, Ether -- the second-largest crypto -- advanced 2.5% to $1,800. Smaller cryptos or altcoins were more mixed, with Cardano down 3% and Polygon above flat. Memecoins were also slightly weaker, with both Dogecoin and Shiba Inu losing less than 1%.
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The price of Bitcoin has risen 1.5% over the past 24 hours to $28,100 and returned to the zone near $28,500, which marks both the recent peak for the largest crypto and its highest level since last June, when the bear market that defined 2022 accelerated. Bitcoin has risen 70% so far this year, spurring calls of a new bull market. Analysts have been eyeing the $30,000 level -- where prices stood before the June selloff -- as key.
"Bitcoin still has a good chance of testing the $30,000 level," said Alex Kuptsikevich, an analyst at broker FxPro, but added that a medium-term correction to $25,000 was still a risk if prices don't hold gains.
After weeks of outperformance, digital assets have largely slipped back into their correlation with the stock market this week, swinging around with the Dow Jones Industrial Average and S&P 500 and acting as a barometer for risk appetite.
But the weekend could prove a challenge for digital asset traders and may be the make-or-break for Bitcoin's next move either way.
Crypto markets have suffered from a lack of liquidity -- in essence, the amount of buyers and sellers on hand -- since exchange FTX collapsed in November, and the situation has been exacerbated by the recent collapse of two crypto-focused banks. Bitcoin's weekend trading volume in particular has plunged, with weekends now seeing on average a third less volume than weekdays.
"Crypto markets are at their most volatile when liquidity is low. Prices have less support to both the downside and the upside, which could explain Bitcoin's rapid 17% surge since the start of the month," said Conor Ryder "The liquidity situation in crypto hangs in the balance."
Beyond Bitcoin, Ether -- the second-largest crypto -- advanced 2.5% to $1,800. Smaller cryptos or altcoins were more mixed, with Cardano down 3% and Polygon above flat. Memecoins were also slightly weaker, with both Dogecoin and Shiba Inu losing less than 1%.
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