Bitcoin Hits $65.5K But Faces Correction
Youโve been closely following Bitcoinโs price action as it surged to a local peak of over $65,500, only to be swiftly pushed down by over $2,000. The volatility in the market has been intense, with altcoins also experiencing a dip today, including DOGE, SHIB, and AVAX among the underperformers from the larger caps.
BTC Faces Resistance at $65.5K
The past week has been a wild ride for the primary cryptocurrency, culminating in a significant drop to a two-month low of $56,500 on Wednesday. However, following the US Fedโs announcement of no interest rate hike, Bitcoin bounced back starting Thursday and continued its upward momentum through Friday.
- Bitcoin surged past $60,000 on Friday and continued climbing during the weekend, approaching $64,500.
- After a slight retracement on Sunday, the asset reached a 12-day high of $65,500 on Monday morning.
- Despite the bullish momentum, bears regained control, causing a $3,000 drop in Bitcoinโs price to $62,650 on Bitstamp.
Bitcoin has since recovered some ground, currently trading above $64,000, with a market cap of $1.260 trillion and a dominance of over 51% in the market.
Altcoins Slide Downward
While altcoins were performing strongly yesterday, the trend has shifted today, with most altcoins in the red. SOL is the only larger-cap altcoin in the green, approaching $160 after a 2% increase. On the other hand:
- DOGE has dropped by 5.3% to under $0.16.
- SHIB is down by 6% to $0.000024.
- AVAX has retreated by 5.8% to $37.
The mid-cap altcoins are also experiencing declines, with MATIC, HBAR, STX, PEPE, TAO, and ICP down by 5-9%, except for RNDR, which surged over 5% to surpass $10. The total crypto market cap has decreased by approximately $60 billion in a day, hovering around $2.5 trillion.
Hot Take: Bitcoinโs Rollercoaster Ride Continues
๐ฅDespite hitting a peak of $65.5K, Bitcoin faced a correction, with altcoins following suit and experiencing a downturn. The cryptocurrency market remains volatile, presenting opportunities for traders to navigate the fluctuations and make informed investment decisions. Stay updated on the latest market trends and be prepared for potential price swings in the crypto space.๐
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.