Bitcoin breached the lofty heights of $106,000 for a moment before geopolitical tremors marred that glory. An aggressive posture on Iran from Trump coupled with the rising tensions in the Middle East shaved off more than a grand from its transient glory.
Down while it is off 5 percent, HYPE is currently experiencing burn-in, while PI gains, off by an equal 5 percent. We also find valorization in the cosmos where big cap altcoins are suffering.
BTC Stopped at $106K
The week opened with a classic bullish buying wave and Bitcoin briefly punched through the $110,000 ceiling a few times by Wednesday. Nevertheless, each uptick felt short-lived, much like a crashing wave meeting a stubborn coastline. The final failure to surpass the resistance saw a sudden reversal, with Bitcoin falling below $106,000.
Bitcoin bulls got a brief taste of victory Thursday, holding on to $108,400. However, once global threat lines were drawn over the Middle East, a sharp sell-off hit the market and sent the cryptocurrency plummeting below $103,000.
The digital dust settled. There were intense 48 hours of tit-for-tat exchanges, including some retaliatory moves from Iran, and then Bitcoin almost shrugged it all off. Contrary to popular belief, BTC recovered and even soared, briefly surpassing the $106,000 maximum price level in such a breathtaking manner.
Then, President Trump, who never shied away from a strong statement, further stirred the pot. He said Tehran “should know if it wants to retaliate against the United States, the full strength and might of the US Armed Forces would be brought to bear” upon it, a chilling reminder of America’s military might.
Bitcoin is holding the $105,000 level with great effort, but the peak is still eluding it. Its market cap shadows $2.1 trillion, and the King is slightly loosening his grip on the throne of altcoins, with a dominance of 61.7% according to CoinGecko.
Alts React
The altcoin spectrum is barely seeing anything in red. Ethereum is holding on to the sagging $2,500 level, with minuscule losses being replicated across DOGE, BNB, LINK, XRP, and SOL. Taking the lead downward is HYPE with a firmer 5% erosion in values.
Friday’s flash crash sent shivers through the crypto market, but one underdog quietly defied the turbulence: the native token of the Pi Network. Against a bearish trend, the Pi coin shot up by an unexpected 5% today, staying above the $0.60 mark-a testimony to the community’s spirit and providing a faint glimmer of green amidst so much red.
After storming into the world of altcoins, alternate forces have set the stage for a fresh act. Buckle up because AB flew onto the scene, growing by 20% in sharp quickness and thundered through into the crypto top 100. A whole lot more exciting has just been added to that exclusive club.
The total crypto market cap is down by around $20 billion since yesterday to $3.380 trillion on CG.
Thanks for reading BTC Rejected at $106K as Middle East Attacks Intensify and Trump Threatens Iran: Weekend Watch
