BTC Capped at $79K While HYPE Explodes Higher
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HYPE continues to defy the overall market crash, posting another substantial increase over the past 24 hours.
After charting a new nine-month low beneath $75,000, bitcoin’s price rebounded in the past 24 hours but failed at $79,000, and now sits inches below it.
Aside from HYPE and CC, both of which have posted notable gains within the same timeframe, most other larger-cap alts are quite sluggish.
BTC Capped at $79K
It has been a tough week for the primary cryptocurrency, and there were little to no indications by last Wednesday about how grim the situation could get. On Wednesday, the asset tapped $90,000 but was stopped there and began its gradual descent after the US Fed paused the interest rate cuts.
The escalating tension in the Middle East was blamed for Thursday’s substantial crash when BTC slumped to a multi-month low of $81,000. It rebounded on Friday and early Saturday to $84,000, while the precious metal market crashed, but the situation worsened once again during the weekend.
In a rather untypical manner for a Saturday afternoon and evening, bitcoin crumbled from $83,000 to $76,000. It regained some traction on Sunday but crashed again on Monday morning to under $75,000 – the lowest level since April last year.
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