The past week has shown a marked contrast to the turbulent events that unfolded at the beginning of the month, when Bitcoin’s (BTC) price plunged to a five-month low. Currently, the cryptocurrency is experiencing a more serene yet hopeful progression.
Recall that Bitcoin soared past the $90,000 milestone on April 22 and has maintained an upward trajectory since then. Even though it has faced challenges at the $96,000 level, the corrections have been relatively mild compared to the drastic price declines seen earlier in April.
In fact, Bitcoin now trades within a constrained range, with a lower boundary at $93,000 and an upper boundary at $96,000. This range has held firm for several consecutive days, as bearish attempts to push the price below the support level were swiftly countered by buying interest.
Yesterday marked a significant shift as Bitcoin’s price surged beyond the upper boundary, reaching a new multi-month peak of over $97,000. Analysts have noted the formation of a familiar accumulation pattern, which has historically preceded substantial gains in the asset’s value.
Data from miners also supports the assertion that Bitcoin’s bullish trend is once again in motion. Recently, the price has dropped to a local bottom relative to the average production cost for miners, indicating bullish signals as the network adjusts.
At present, Bitcoin remains slightly above the $97,000 mark, with a keen focus on the elusive $100,000 target. The asset has recorded a 3% increase over the week, outperforming many larger-cap altcoins, with the exceptions of ETH, HYPE, AAVE, and XMR. This performance has contributed to Bitcoin’s dominance in the market, which continues to reach new multi-year highs.
Market Data
Market Cap: $3.133T | 24H Vol: $82B | BTC Dominance: 61.6%
BTC: $97,337 (+3%) | ETH: $1,849 (+4.2%) | XRP: $2.23 (+2%)
This Week’s Crypto Headlines You Can’t Miss
Movement Labs Suspends Co-Founder Amid Market Maker Scandal: Full Details. Following the revelation of an unsettling market-making deal, Rushi Manche, co-founder of Movement Labs, faced suspension due to a $38 million token dump.
Bitcoin’s Next Move: 3 Scenarios to Watch in 2025. In light of Bitcoin’s recent impressive rally that saw an increase of over $20,000, CryptoQuant has outlined three potential scenarios for the asset’s future by the end of the year, suggesting that bearish outcomes are the least anticipated.
Why Was Ripple’s $5 Billion Takeover Offer Rejected by Circle? (Report). Ripple encountered challenges this week when its proposal to acquire Circle, the publisher of the second-largest stablecoin, was turned down due to a perceived undervaluation.
SEC Delays Decision on Spot Ripple, Dogecoin ETF Applications. Consistent with previous patterns regarding Bitcoin and Ethereum ETF applications, the US SEC has postponed decisions on proposed ETFs for Ripple and Dogecoin, with new deadlines set for mid-June.
It’s Time to Buy Bitcoin and Altcoins: Arthur Hayes. At this week’s Token2049 conference in Dubai, Arthur Hayes proclaimed that a genuine bull market is just beginning, urging attendees to adopt a long position on digital assets.
$4 Billion in 2 Weeks: Bitcoin Whales Go on Massive Accumulation Spree. Following insights from BitMEX’s former CEO, Bitcoin whales engaged in an unprecedented accumulation spree, acquiring approximately $4 billion worth of Bitcoin in just two weeks.
Charts
This week features an analysis of price movements for Ethereum, Ripple, Cardano, Hype, and Solana. For a comprehensive price breakdown, click here.
The post Bitcoin Targets $100K, Ripple Sees Setbacks on Stablecoin, ETF Fronts: Your Weekly Crypto Recap appeared first on CryptoPotato.
