Bitcoin's value rebounds to $3K, while SUI surges 10% to $4 in this weekend's cryptocurrency update
Several altcoins have experienced notable gains today, with SUI marking a double-digit surge and Ethereum jumping back above $3,700. Bitcoin, on the other hand, has been in a consolidation phase since July 14, reaching a new all-time high of over $123,000 before experiencing a drop. However, the bulls reemerged after the price drop, preventing a further breakdown. Solana, HYPE, XLM, LINK, BCH, and several other altcoins have also charted impressive gains.
The drop in Bitcoin's price was due to significant disposal of BTC by Galaxy Digital. SUI and HBAR have also experienced double-digit gains. After subscribing, you can receive a daily market update for free to keep track of price action in the crypto markets.
The recent recovery of Bitcoin's price was driven by several factors. Technical support and positive market sentiment played a significant role, with Bitcoin's price remaining above key technical levels such as the 50- and 200-day simple moving averages. Whale accumulation despite retail profit-taking also contributed to the price rebound, as large holders have been accumulating Bitcoin.
Broader macroeconomic and institutional factors also played a role in the recovery. The easing of global economic uncertainty, stable interest rates, and legislative progress such as the "BITCOIN Act" proposed as a national reserve have boosted investor confidence and demand. The market structure and momentum also helped facilitate the quick recovery, with Bitcoin remaining in a strong uptrend.
Despite some cooling in short-term momentum indicators like MACD and minor profit-taking, Bitcoin remains in a strong uptrend with immediate support around $117,000 and resistance near $122,000. This technical frame helps contain sharp declines and facilitates quick recoveries.
Other altcoins also performed well, with ENA, SPX, and SKY among the top performers from the largest 100 alts, with gains of 17%, 14%, and 13% respectively. XRP has defended the $3 resistance and is currently at $3.15.
The total crypto market cap has gained roughly $70 billion since yesterday's bottom, currently standing at $3.940 trillion on CG. The overall bullish structure remains intact, making such short-term pullbacks typical corrections within an upward trend.
[1] Technical Analysis: Bitcoin's Price Recovery Explained
[2] Whale Watch: Large Holders Accumulate Bitcoin Despite Retail Profit-Taking
[3] Macroeconomic Factors Boost Investor Confidence and Demand for Bitcoin
[4] Market Structure and Momentum: Key Indicators for Bitcoin's Recovery
- The recent recovery of Bitcoin's price was not solely due to market sentiment or technical support, but also because large holders, commonly known as whales, have been actively accumulating Bitcoin even as retail investors were taking profits.
- Despite some profits being taken, several altcoins like SUI, HBAR, ENA, SPX, SKY, and XRP have also experienced notable gains, providing further evidence that the overall crypto market is still strong.
- Broader macroeconomic and institutional factors, such as the easing of global economic uncertainty, stable interest rates, and legislative progress like the "BITCOIN Act," have had a positive impact on investor confidence and demand for cryptocurrencies like Bitcoin.
- The market structure and momentum have played a crucial role in Bitcoin's recovery, with the cryptocurrency remaining in a strong uptrend despite minor short-term corrections, which are typical within an upward trend.
