Andrew Grant
Bitcoin’s price consolidation around the $84,000 level continues as the asset has failed to breakout in either direction over the past week or so, despite a few attempts.
Most altcoins sit quietly today, with little to no gains. PI has popped up by 9% after a recent landslide, while HYPE has surged by double digits.
BTC Calm at $84K
Last weekend went relatively quietly as BTC was stuck around the same level as now. The only exception came on Sunday evening after a whale opened a large short position, and BTC went up and down by about a grand.
The beginning of the business week was also quieter, aside from a price slump toward $81,000 on Tuesday. However, BTC bounced off and jumped to $83,000 ahead of the second FOMC meeting for the year. Once that concluded on Wednesday and the Fed refused to change the key interest rates, BTC experienced some more volatility around $83,000 and $85,000.
It went on the offensive later and spiked above $87,000 during the early morning Asian trading session. However, that was short-lived, and the asset slumped to $83,000 a day later.
It has returned to $84,000 since then as it prepares for another calm weekend. Its market cap has risen to $1.670 trillion on CG, while its dominance over the alts has declined to 58.3%.
PI Rebounds
Pi Network’s native token is among the poorest performers on a weekly scale, having dumped by over 30%. However, it finally saw some relief in the past 24 hours, as its price has returned to $1 after an 8-9% surge.
HYPE is the other notable gainer since yesterday, having jumped by 14-5%. It now trades above $16. In contrast, XRP, BNB, ADA, LEO, TON, and XLM are slightly in the red, while ETH, SOL, DOGE, and TRX have marked minor gains.
The total crypto market cap failed to overcome the $2.9 trillion mark and now sits about $30 billion below it on CG.
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