Bitcoin’s price recently approached the lower boundary of its ongoing consolidation channel, but showed remarkable resilience by bouncing back promptly. Currently, it is approaching the upper boundary of this range, indicating potential volatility ahead.
While most alternative cryptocurrencies (altcoins) experience sideways action, notable exceptions like HYPE and PI among larger-cap assets have recorded impressive gains over the past 24 hours.
BTC Returns to $95K
The leading cryptocurrency surged above $90,000 last Tuesday and has sustained its upward momentum, peaking at $96,000 on Friday, marking a two-month high. This resurgence reflects a recovery of over $20,000 from the lows below $75,000 observed on April 7 and 9.
Despite this upward trajectory, the struggle between buyers and sellers has reached a state of equilibrium. Bitcoin’s price has not significantly moved within the last week, remaining trapped in a narrow range between $93,000 and $95,000, with few attempts to break out in either direction.
During the past 24 hours, Bitcoin briefly dipped to the lower boundary, yet this support held firm, resulting in a current trading price around $95,000. This lack of volatility has sparked speculation about a potential breakout, with many anticipating a significant price movement on the horizon.
As it stands, Bitcoin’s market capitalization hovers around $1.890 trillion, maintaining a dominance of over 61% over the altcoin market, according to CoinGecko.
HYPE Aims at $20
In alignment with Bitcoin’s performance, most major altcoins have mirrored its movements, exhibiting minimal fluctuations. While ETH, SOL, DOGE, TRX, and LINK have recorded minor gains, others like XRP, ADA, BNB, SUI, AVAX, and XLM show negligible losses.
However, HYPE and PI have distinguished themselves with remarkable gains among the larger caps. HYPE surged to $20 following an 8.5% daily rise, while PI has climbed to $0.6, reflecting a 5% increase.
In addition, VIRTUAL has seen a staggering 23% increase over the past day, joined by CRV and FARTCOIN, both boasting an approximate 10% rise.
The cryptocurrency market as a whole has added over $25 billion since yesterday, bringing the total market cap to approximately $3.075 trillion.
