Bitcoin (BTC) swiftly reversed course on Monday, recovering from an early dip near $65,000 to reclaim the $67,000 mark, marking its highest level in three days.
Last Friday’s market turbulence saw bitcoin bounce back from the $65,000 support level, which remains pivotal. As of the latest update, bitcoin was trading at $66,800, reflecting a modest 0.9% increase over the past 24 hours.
While bitcoin showed resilience, most alternative cryptocurrencies (altcoins) lagged behind on the daily charts. Ether (ETH) remained in negative territory with a 0.7% decline, while other popular tokens such as dogecoin (DOGE), shiba inu (SHIB), Avalanche (AVAX), and Near (NEAR) registered losses ranging from 2% to 5%.
In contrast, Ripple‘s XRP (XRP) outperformed major cryptocurrencies with a 5% gain for the day, positioning itself alongside bitcoin as one of the few assets in the CoinDesk 20 Index to post positive daily returns. Publicly-listed bitcoin miners also saw notable gains, with Hive Digital Technologies (HIVE), TeraWulf (WULF), and Canaan (CAN) surging 10% to 20%, while larger miners like Marathon Digital (MARA) and Riot Platforms (RIOT) recorded modest gains of 4%.
Turning to traditional markets, the S&P 500 and Nasdaq 100 continued their ascent, reaching new all-time highs with gains of 0.9% and 1.2%, respectively.
Bitcoin’s price action has remained subdued below its historical highs since March, characterized by periods of low volatility and periodic liquidation events. Alex Thorn from Galaxy, a digital asset investment firm, highlighted bitcoin’s 30-day realized volatility nearing historic lows, underscoring a period of lackluster price movement.
Paradigm, a derivatives trading network, observed a waning momentum in the crypto market, attributing it to the absence of catalysts that typically drive trading activity. “Positive predictions notwithstanding, significant news is needed to propel the market forward and sustain momentum,” Paradigm commented in a recent Telegram update.
Market analyst Bob Loukas tempered short-term expectations, noting that bitcoin is currently in a declining phase of its daily cycle and could potentially retest support levels around $60,000 before resuming a more sustainable uptrend.
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