Bitcoin's price rebounded from the $81,000 range to over $83,000, marking a weekly high, as larger-cap altcoins posted notable recovery sessions. The move follows recent macro pressure that had pushed the asset lower.
Bitcoin's Recovery
A week ago, US CPI data showed inflation remained persistent and slightly higher than expected, intensifying Bitcoin's troubles. The PPI reading a day later confirmed this, and BTC fell from over $84,000 to a monthly low just under $80,000 within about 24 hours. Bulls intervened at that point, preventing another leg down. BTC bounced to $82,500, held there for a day, then saw a breakout attempt halted at $83,000 before slipping to under $81,000.
The weekend included a $1,000 flash crash on Saturday evening, followed by another dip to $80,750. On Monday, despite expectations of a Black Monday crash, Bitcoin surged to $83,000, though this proved a short-term relief rally and BTC quickly dipped toward $81,000 on Tuesday. Another major rebound in the evening took Bitcoin to $83,000. Earlier today, the asset climbed above that level and tapped $83,600 for the first time since last Wednesday's pullback began. It was stopped there for now but still trades above $83,000. Its market cap has recovered to $1.670 trillion, while its dominance over alts is at 60% on CMC.
Altcoin Rally Led by ZEC
Today's major altcoin rally is led by ZEC's 13% surge to $1,267. NEAR Protocol pumped 11%, and RAIN rose 13% among mid-cap alts. BTW also surged 41% today after nosediving by a similar percentage yesterday. Other notable gainers on October 21 include BCH, ENA, PUMP, WLD, SUI, AAVE, PEPE, UNI, and SKY.
Ethereum is above $2,450 after a 3.4% increase. XRP is back at $1.35 following a 4.5% jump. SOL defended the $100 support and now sits at $106. ADA, DOGE, HYPE, LINK, and BNB are also in the green today.
The total crypto market cap is up by just over 2% since yesterday to $2.780 trillion on CMC.
