ASTER, HYPE Continue to Drop as Bitcoin Price Stabilizes at $107K: Weekend Watch
Crypto Markets Find Cautious Stability After a Turbulent Week
The cryptocurrency market is breathing a tentative sigh of relief this weekend after a brutal week of sell-offs that saw Bitcoin plummet to a three-month low. While the bleeding has momentarily stopped, with Bitcoin stabilizing around the $107,000 mark, the altcoin sector continues to face significant pressure. The overall sentiment remains fragile as traders assess the damage from the market-wide calamity. This weekend, all eyes are on whether key support levels can hold, as the narrative of
Bitcoin’s Rollercoaster Ride to a Multi-Month Low
The past week was a tumultuous journey for the world’s leading cryptocurrency. The downturn began last Friday when Bitcoin experienced a sharp dump from a high of $122,000, crashing through the $110,000 support level and even touching $101,000 on some exchanges.
A brief recovery over the weekend saw BTC climb back above $110,000, sparking hopes of a rebound. This optimism carried into the new week, with the price peaking near $116,000 on Monday and Tuesday. However, this level proved to be a formidable resistance.
The rejection at $116,000 was swift and painful. Bitcoin was driven south back to the $110,000 support line. While it held initially, persistent bearish pressure eventually broke through on Thursday evening. The situation worsened on Friday, as BTC cascaded down first to $108,000 and then below $104,000, marking its lowest price point in three months.
A Macro-Driven Bounce Offers Hope
Just as the market seemed poised for another leg down, positive macroeconomic news provided a much-needed catalyst for a bounce. Reports that US President Trump would not proceed with previously announced tariffs on China injected a dose of optimism into the markets. Bitcoin reacted instantly, surging from its lows to reclaim the $106,000 level and has since added another thousand dollars to its value.
Despite the recovery, Bitcoin’s market capitalization has taken a hit, now standing at $2.13 trillion. Its dominance over the altcoin market, however, remains strong at 57.3%, indicating that in times of uncertainty, capital tends to flow back to the market leader.
Altcoins Suffer Deeper Losses
While Bitcoin has found some footing, the altcoin market paints a much grimmer picture. The market-wide sell-off hit altcoins disproportionately hard, and many are struggling to recover.
- Ethereum (ETH) has slipped below the critical $3,900 level.
- BNB lost its $1,100 support following a 3% daily drop.
- Other major altcoins like TRX, DOGE, ADA, LINK, HYPE, BCH, SUI, AVAX, and HBAR are also nursing significant losses.
The Biggest Movers: ASTER, COAI, and ENA in Focus
Digging deeper into the market reveals some standout performers, both positive and negative:
Top Losers:
- COAI: Dumped by a staggering 17% in the last 24 hours.
- AAVE: Down by 5.3%.
- ASTER: Dropped by 5%, continuing its downward trend.
Top Gainers:
- ENA: Surged impressively by 12.5%, defying the market trend.
- TAO: Posted a solid 8% gain.
What to Watch This Weekend
The total cryptocurrency market capitalization has clawed its way back to just over $3.7 trillion, but this is still a staggering $500 billion less than where it stood last Friday. This massive outflow of capital highlights the cautious sentiment prevailing among investors.
For the weekend ahead, traders will be closely monitoring Bitcoin’s ability to hold the $104,000-$106,000 range as support. A failure to do so could open the door for another test of the recent lows. On the upside, reclaiming and holding the $110,000 level would be a strong bullish signal. For altcoins, their fate remains closely tied to Bitcoin’s direction, with continued volatility expected across the board.
