Bitcoin’s price movements over the weekend were lackluster, with a brief spike towards $70,000 quickly followed by a return to a stagnant position. This pattern was reflected across most altcoins, with only a handful such as BNB, NEAR, FIL, FET showing any significant activity in terms of price fluctuations.
Bitcoin experienced a surge in ETF inflows last week, marking 19 consecutive days of positive flows. This streak has provided some volatility in the market, resulting in gains for the leading cryptocurrency. However, the surge to $72,000 was short-lived as bears stepped in to drive the price down by over three thousand dollars in a matter of hours.
Following the sudden drop, Bitcoin’s price fell to $68,400 which resulted in over $400 million in liquidations across the market. The weekend saw a minor recovery as BTC regained some ground, hovering around $69,000 to $69,500. Despite attempts to break the $70,000 mark, Bitcoin remains within a familiar range with a market cap under $1.370 trillion.
While Bitcoin struggled to maintain momentum, altcoins such as Binance Coin experienced significant gains last week, reaching a new all-time high of over $715 before facing a downtrend. Other altcoins like NEAR, FIL, FET, and CRO were among the poorest performers in the past 24 hours, with most larger-cap alts showing minor gains or losses.
The total crypto market cap has remained relatively stable around $2.660 trillion. Overall, Bitcoin’s price actions over the weekend were indicative of a market struggling to find direction. While ETF inflows have provided some volatility, the bears’ sudden appearance resulted in a sharp price drop that left many traders reeling. As altcoins continue to show mixed performance, investors are closely watching for signs of a trend reversal in the cryptocurrency market.
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