Bitcoin Surges to $65K Before Retracing
Bitcoin experienced a relatively calm weekend before shooting up to just over $65,000 on Monday morning. However, the bulls were met with resistance, causing the price to retrace.
Several other cryptocurrencies also showed some positive movements, with TON recovering ground following a significant crash and TRX approaching $0.17 once again. Meanwhile, larger-cap altcoins remained relatively stable.
BTC Faces Resistance at $65K
On Monday, the leading cryptocurrency faced a major hurdle as it failed to break through the $60,000 level decisively, resulting in a $2,000 drop. Despite this setback, Bitcoin managed to bounce back and maintained a range between $59,000 and $60,000 by the end of the week.
The market dynamics changed in response to positive developments in the US. Federal Reserve Chair Jerome Powell announced a forthcoming interest rate cut, while Robert F. Kennedy withdrew from the 2024 presidential race and voiced support for Donald Trump as the ‘crypto choice’.
Bitcoin reacted positively to these events, surging to $65,000 on Saturday morning. Although it failed to sustain this momentum, it hovered around $64,000 throughout the weekend.
Despite briefly reaching a new multi-week high of $65,150 earlier today, Bitcoin faced resistance and dipped back to just under $64,000. Its market cap currently stands at $1.260 trillion, with a dominance of nearly 54% over other altcoins.
FET Records 62% Weekly Gain
Following the arrest of Telegram’s CEO, Pavel Durov, in France over the weekend, the native token of Toncoin experienced a sharp decline of over 20% due to their connection. However, TON managed to recover some losses and is now trading above $5.6 after dropping below $5.3 recently.
TRX, another prominent altcoin, saw a notable increase, reaching $0.166. On the other hand, ETH, BNB, XRP, ADA, BCH, and DOT experienced minor losses during this period.
FET emerged as a standout performer among the top 50 altcoins, rising by 9% in the past day and over 60% over the week. Similarly, AI-related tokens like TAO, RNDR, and INJ also witnessed positive price movements.
The overall cryptocurrency market cap has slightly decreased since yesterday, now standing at $2.343 trillion according to CG metrics.
Hot Take: Key Highlights on This Year’s Cryptocurrency Market
In summary, Bitcoin surged to over $65,000 before facing resistance and retracing slightly. The market also saw positive movements from TON and TRX, while FET recorded significant gains. The overall crypto market cap dipped slightly from previous levels.
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