As the cryptocurrency market enters the weekend, Bitcoin steadies around the $95,000 mark. Recent rapid price surges have caused a breather, indicating investors are now searching for short-term direction. While most major altcoins also exhibit a similar lull, Monero’s sharp pullback draws significant attention.
Bitcoin Seeks Balance at $95,000 Level
Bitcoin experienced a relatively calm previous weekend before launching a strong rally early in the new week. On Monday, BTC quickly climbed from $90,000 to $92,000, pausing a few times at this level. Upon overcoming this resistance on Tuesday, its upward momentum accelerated, climbing to an impressive $98,000 by Wednesday night, marking the highest point in recent months.
During this period, Bitcoin’s value appreciated by approximately $8,000 within a few days, increasing its total gain since the beginning of the year to around $10,000. However, a limited pullback became inevitable after such a rapid climb. Sales on Thursday and Friday put pressure on BTC’s price.
The peak of this decline occurred following reports that Donald Trump would not nominate Kevin Hassett as Chair of the Federal Reserve, briefly driving Bitcoin below $94,500. Nevertheless, buyers intervened, and the price managed to regain and hold above $95,000. Bitcoin’s market value stabilized around $1.9 trillion, with its dominance in the total cryptocurrency market remaining at 57.4%.
Altcoins Remain Static, Monero Sees Sharp Retracement
In the past 24 hours, the altcoin market displayed unusual stagnation. Ethereum hovered around $3,300, while XRP maintained its $2.05 support level. BNB, TRX, and Solana experienced limited gains; however, DOGE, BCH, LINK, and ZEC faced slight losses, residing in the red zone.
Within this context, Monero (XMR) stands out negatively. This privacy-focused cryptocurrency had propelled to nearly $800 last week, nearing its all-time high. Yet, intense selling pressure brought its price down to $620, losing 12% in the last 24 hours. Similarly, Internet Computer (ICP) also suffered a 9% daily drop, alarming investors.
Meanwhile, the overall cryptocurrency market capitalization remains above $3.3 trillion, according to CoinGecko data. Additionally, recent reports of rising institutional entries into spot Bitcoin ETFs suggest a supportive development for the market in the medium term.
In conclusion, Bitcoin’s stable hold above $95,000 reflects a lack of significant panic in the market. However, the declining volumes in altcoins and dramatic corrections in assets like Monero illustrate that investors remain cautious. The continuation of a lateral trend seems likely in the short term, while macroeconomic news and institutional demand will be pivotal in determining the market’s next direction.