Bitcoin’s price consolidation around the $84,000 level continues as the asset has struggled to break out in either direction over the past week. Despite several attempts, the market has remained relatively stable.
Most altcoins are experiencing a quiet day, with minimal gains noted. However, PI has rebounded with a notable 9% increase following a recent decline, while HYPE has impressively surged by double digits.
BTC Calm at $84K
The previous weekend saw BTC maintain a steady course around its current level. An exception occurred on Sunday evening when a whale initiated a substantial short position, causing BTC to fluctuate by approximately $1,000.
The beginning of the business week was relatively subdued, with a temporary downturn towards $81,000 recorded on Tuesday. Nevertheless, BTC quickly bounced back, climbing to $83,000 ahead of the second FOMC meeting of the year. Following the conclusion of the meeting on Wednesday, during which the Fed decided against changing the key interest rates, BTC faced some additional volatility, oscillating between $83,000 and $85,000.
Later, BTC took a bullish turn, spiking above $87,000 during the early morning trading session in Asia. However, this rally was short-lived, and the asset subsequently retraced to $83,000 just a day later.
Currently, Bitcoin has settled back at $84,000, bracing for another calm weekend. Its market capitalization has climbed to $1.670 trillion on CoinGecko, with its dominance over altcoins declining slightly to 58.3%.
PI Rebounds
The native token of the Pi Network has shown significant volatility over the past week, having dropped over 30%. However, it has found some relief in the last 24 hours, witnessing an 8-9% surge that has brought its price back to $1.
Alongside PI, HYPE has emerged as another strong performer, increasing by 14-15% and now trading above $16. Conversely, various other cryptocurrencies, including XRP, BNB, ADA, LEO, TON, and XLM, have seen slight declines, while ETH, SOL, DOGE, and TRX have recorded modest gains.
The total cryptocurrency market cap remains just below the critical $2.9 trillion threshold, currently sitting approximately $30 billion less, as reported on CoinGecko.
