The cryptocurrency market experienced a volatile week marked by macroeconomic data releases, key resistance tests for Bitcoin, and significant rallies among select altcoins.
Bitcoin attempted to push past the $85,000 resistance late in the previous business week but faced a rejection that drove the asset down by $2,000 within minutes. After recovering over the weekend, BTC tested the same resistance on Monday morning, where persistent bears pushed the price well below the $83,000 support level before it managed to hold.
Following Wednesday's better-than-expected Personal Consumption Expenditures (PCE) release, Bitcoin briefly surged to $85,600 before being rejected back to its starting point. Later in the week, a weaker-than-expected US jobs report helped drive BTC to a high of nearly $87,200. However, the asset subsequently slipped and struggled below $86,000, maintaining a modest 2% gain over the week. This performance contrasted with some major larger-cap altcoins, including XRP, ZEC, HYPE, BCH, and UNI, which recorded weekly declines.
Meanwhile, certain altcoins recorded substantial gains. Quant's QNT led the market with a 160% weekly surge, while NIGHT gained 105% over the same period.
Corporate and Market Developments
- Strategy Additions: Strategy continued its Bitcoin reaccumulation phase by purchasing an additional 1,665 BTC, bringing its total holdings to an all-time high of 847,666.
- Strive Purchases: Strive added 1,107 BTC to its treasury, bringing its total holdings to 27,462 BTC.
- Zcash Performance: Grayscale Research noted that Zcash (ZEC) still has room to grow following a 1,000% increase over the past year, despite experiencing a 13% weekly correction below $1,400 after recently topping $1,600.
