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Bitcoin’s gradual price recovery over the past week or so saw some resistance at $116,000, and the asset has failed to reclaim that level decisively.
Expectedly for a weekend trading, most altcoins are quite sluggish with little to no moves in either direction. However, there are a few exceptions.
$BTC Keeps Calm at $116K
The aforementioned price recovery began at the start of the current month when bitcoin slumped to a multi-week low of just over $107,000. The asset tested that support on a couple of occasions in just a few days at the time.
However, the bulls ultimately managed to defend it and initiated leg-ups that drove $BTC to over $110,000 within days. It kept climbing and challenged $113,000 on September 5 and 9, where it faced immediate rejections.
Nevertheless, that level finally gave in on September 1,0 and $BTC hasn’t looked back since. Just the opposite, it kept rising and knocked on the $116,000 door on Friday. The bulls pushed it beyond that level on Saturday morning and up to a multi-week high of $116,700, but the cryptocurrency failed to move upwards.
It has been driven to just under $116,000 as of press time, which is still impressive given the latest macroeconomic developments and threats on the USA vs Russia/China front from yesterday.
For now, $BTC’s market cap is still above the $2.3 trillion mark, while its dominance over the alts has recovered some ground and is up to 55.4% on CG.
$PUMP Pumps
As mentioned above, there’s little volatility from the larger-cap alts. Ethereum was stopped at over $4,700 yesterday and now sits below that level after a 1% daily decline. LINK, HYPE, XLM, TRX, and ADA are also slightly in the red.
In contrast, XRP, SOL, BNB, DOGE, and SUI are with insignificant gains. In contrast, M has resumed its massive rally and is up to over $2.5 after another 9% surge. WLFI is up by 8% and sits at $0.22.
$PUMP has stolen the show with a massive 22% surge daily, which has pushed its price to $0.008.
The total crypto market cap, though, has lost around $30 billion since yesterday and is down to $4.160 trillion on CG.
