Bitcoin’s price volatility continues in a relatively tight range after the asset was rejected at $87,000 yesterday but managed to bounce off the $85,000 support.
Most larger-cap alts have remained untypically sluggish on a 24-hour scale, aside from BTW, which is up by 5%, and RAIN, which has dropped by 7%.
BTC Eyes to Reclaim $86K
The previous business week ended with a rollercoaster ride for the primary cryptocurrency. After it was rejected at $85,600 last Wednesday following the release of the PCE data, the asset started to climb back higher on Thursday and especially on Friday. It had tapped $87,000 even before the US jobs report went live. Once it did, and showed that the labor market was weaker than expected, BTC actually topped that level.
However, what followed was somewhat surprising since the odds for another rate hike actually declined. Instead of continuing to rise, BTC slumped hard in the following hours and fell below $84,000. The bulls finally stepped up at this point and didn’t allow another leg down. Bitcoin recovered some ground on Saturday to $84,000 and jumped to $85,000 on Sunday.
Monday morning saw another breakout attempt, but the bears halted the progress at $87,000 again. BTC dumped to $85,400 before it rebounded to $86,700, only to dip to $85,000. Since then, it has remained sideways between $85,000 and the current level of $86,000.
Its market capitalization has calmed at $1.720 trillion on CMC, while its dominance over the alts stands still at 59%.
PI Still Below $0.09
As mentioned above, the altcoins, even though they went up and down quite a lot since yesterday morning, stand mostly sideways compared to precisely 24 hours ago. ETH is still above $2,700 despite a minor retracement, and XRP is at $1.50. BNB, SOL, DOGE, and LINK are slightly in the red, while RAIN has plummeted by 7%. In contrast, NEAR and BTW are up by 4-5%, while XMR is back at $580.
Pi Network’s native token has failed to overcome the key $0.09 resistance. It tried to take it down on a couple of occasions in the past week, but was rejected and now sits at $0.088.
FIL and ZRO have gained the most out of the top 100 alts, surging by 8-9%. The total crypto market cap stands still at $2.9 trillion on CMC.
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