Bitcoin Finds Footing at $107K After Brutal Sell-Off, But ASTER and HYPE Continue to Bleed: Weekend Crypto Watch
Crypto Markets Face a Turbulent Week
The cryptocurrency market has just endured a rollercoaster week, culminating in a “bloody Friday” that saw prices tumble across the board. Bitcoin plummeted to a multi-month low, dragging the altcoin market down with it. However, a flicker of positive macroeconomic news has helped the leading cryptocurrency find some stability as the weekend kicks off, though many altcoins, including ASTER and HYPE, are still nursing heavy losses.
Bitcoin’s Rollercoaster Ride: From $122K to a 3-Month Low
The market-wide downturn began last Friday when Bitcoin (BTC) saw a sharp correction from a high of $122,000, falling to the $110,000 level. After a brief weekend bounce, BTC attempted a recovery early in the week, pushing as high as $116,000 on Monday and Tuesday.
Unfortunately for the bulls, this peak was met with a powerful rejection. The price was driven back down to the critical $110,000 support line. While this level initially held, persistent selling pressure from the bears eventually broke through on Thursday evening. The situation worsened on Friday, as Bitcoin’s price cascaded down, first to $108,000 and then crashing below $104,000 — a three-month low on most major exchanges.
Macro News Triggers a Cautious Rebound
Just as the market seemed poised for further collapse, some unexpected positive news from the geopolitical arena provided a much-needed lifeline. Reports that US President Trump would not proceed with previously announced tariffs on China helped soothe investor fears. This reduction in global trade tension often benefits risk-on assets like cryptocurrencies.
Bitcoin reacted almost instantly, bouncing sharply from its lows to reclaim the $106,000 level. It has since added another thousand dollars to its value, stabilizing around the $107,000 mark. Despite this recovery, Bitcoin’s market capitalization has slipped to $2.130 trillion, and its dominance over the altcoin market has risen to 57.3%, indicating a flight to relative safety within the crypto space.
Altcoins Suffer Deeper Losses Amid Market Turmoil
While Bitcoin is attempting a recovery, the altcoin market was hit significantly harder and remains in a precarious position. The overall picture is still grim for most digital assets outside of BTC.
- Ethereum (ETH) has dipped below the key $3,900 level.
- BNB lost its crucial $1,100 support following a 3% drop.
- Other major altcoins like TRX, DOGE, ADA, LINK, BCH, SUI, AVAX, and HBAR are also trading in the red.
A few exceptions, such as XRP, SOL, and XLM, have posted minor gains, but the overwhelming trend remains bearish.
Spotlight: and Other Major Movers
The sell-off was particularly harsh for some specific altcoins. As highlighted in our weekend watch, ASTER saw a significant 5% drop over the past 24 hours. The token HYPE also continued its downward trend, contributing to the widespread losses.
Other notable decliners include:
- COAI: Down a staggering 17% in the last 24 hours.
- AAVE: Dropped by 5.3%.
In a sea of red, a few tokens managed to defy the trend. ENA surged by an impressive 12.5%, followed by TAO, which posted an 8% gain.
What to Watch This Weekend
The total cryptocurrency market cap has recovered slightly to just over $3.7 trillion, but this is still a staggering $500 billion loss compared to last Friday. As we head into the weekend, traders will be closely watching if Bitcoin can hold its current level.
The key support to watch remains the recent low around $104,000. On the upside, reclaiming and holding above the former support of $110,000 would be a major bullish signal. For now, the market remains on edge, with the fate of the altcoins hanging on Bitcoin’s ability to maintain its fragile stability.
