Bitcoin’s price movements have been a hot topic in the crypto world, especially following its recent recovery that saw it approach impressive heights. Trading ended the week at a notable $118,000 before slipping back down to $115,200 by Saturday morning. This fluctuation has left traders and analysts wondering if the cryptocurrency can regain its bullish momentum.
Meanwhile, altcoins, particularly those with larger market caps, are also feeling the pressure. Most are slightly in the red, but some, like M and PENGU, have recorded even more painful declines, drawing concern from investors.
BTC Slips After Recovery
Bitcoin appears to have had an overall positive week, driven by the US Federal Reserve’s recent decision to lower key interest rates. Leading up to the Federal Open Market Committee (FOMC) meeting on Wednesday, BTC experienced volatility, peaking at $117,200 before dropping below $115,000 in anticipation of the announcement. However, after the Fed confirmed the rate cut, Bitcoin found fresh legs, climbing to a multi-week high of $118,000 during Thursday’s early trading session.
This surge, marking an impressive gain of over $7,000 from last week’s low, was short-lived. Traders quickly reacted to the resistance around the $118,000 level, which resulted in a steep drop back to around $115,200 on Saturday morning. As of now, Bitcoin has managed to stage a slight recovery, hovering near $116,000, with a market capitalization sustaining above the $2.3 trillion threshold. Nevertheless, its market dominance remains below 56% on CoinGecko, indicating that altcoins are still claiming significant market presence.
These Alts Bleed Out
In the wake of Bitcoin’s slight retreat, the altcoin market has also witnessed a downturn. Ethereum (ETH), typically a leader among altcoins, has fallen to well below $4,500. Meanwhile, Dogecoin (DOGE) has experienced a drop of over 3%, and Chainlink (LINK) is down by approximately 5%. XRP is particularly struggling, battling crucial support levels around $3. Other notable mentions like Solana (SOL), Avalanche (AVAX), and Sui (SUI) are also experiencing declines, underscoring a bearish trend in the altcoin sector.
However, some altcoins are facing even steeper declines. The price of M has plunged by a staggering 16%, now standing at $2.2. MYX has fallen by 12%, and PENGU isn’t faring much better, losing 7% of its value. With the total cryptocurrency market capitalization dropping by over $50 billion since its recent peak, the current figure now stands at around $4.140 trillion, prompting a wave of cautious sentiment among investors and traders alike.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
