Bitcoin's Price Halted at $98k; However, Influence over Alternative Cryptocurrencies Persists (Weekend Monitor)
📈 Bitcoin at a $98K Plateau: A Consolidation Phase for the Crypto Market
💰 Bitcoin experienced a multi-month high of $98,000 this week but failed to breach the $100K mark. Most altcoins have mirrored this trend, recording minimal losses.
📉 The Roar of the Bulls, the Rumble of the Bears
🔥 It all started last week when Bitcoin surged from $84,000 to over $90,000 in less than 36 hours. The bulls continued to charge, pushing BTC to a two-month peak of $96,000 on April 25.
🔒 The Resistance
💪 However, Bitcoin faced resistance at $96,000 and wasn't allowed to climb further. The market entered a consolidation phase, staying sluggish within a tight range of $93,000 to $95,000 for the following week. This bottom line was tested on multiple occasions but held strong.
🚀 The Breakout
📈 The subsequent bounce-off on Thursday resulted in a breakout from the upper boundary, driving Bitcoin to a new multi-month high of $98,000.
🌟 BTC's Stalled Rise Toward Six-Digit Territory
🌊 Since then, BTC has lost nearly $2 grand and is currently resting just above $96,000. The asset's market capitalization floats around $1.9 trillion, while its dominance over altcoins has reached a four-year high of almost 62%.
📉 Altcoins Experience Minimal Declines
💰 Most altcoins have followed Bitcoin's steps in the past day, with minor losses from ETH, XRP, DOGE, SOL, ADA, SUI, LINK, and XLM. AVAX and PEPE have dropped by around 3% each, while TRUMP, KAS, and TAO have surged by between 3% and 4%. VIRTUAL has taken the limelight again, rising over 6% and trading above $1.7.
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- Despite Bitcoin's multi-month high of $98,000, most altcoins have mirrored this trend, recording minimal losses within the cryptocurrency market.
- The bulls continued to charge, pushing Bitcoin to a two-month peak of $96,000, but the asset faced resistance at this level and couldn't climb further, culminating in a consolidation phase.
- The crypto market has remained sluggish within a tight range of $93,000 to $95,000 for the following week, with Bitcoin losing nearly $2 grand and currently resting just above $96,000.
- Crypto traders who want to enter the market can open a $500 FREE position on any coin at Bybit using this link, or get a $600 welcome bonus on Binance with our website exclusive link.
- To keep up with the daily crypto market updates and receive a free recap every day, sign up through our website. Stay tuned for more updates on our social media platforms, including Facebook, Twitter, LinkedIn, and Telegram, for the latest crypto news and charts.
