The events that took place last Friday were quite painful as bitcoin’s price tumbled from over $110,000 to under $104,500 in the span of just a day or so. However, the asset finally found a solid floor at that point and started to recover in the following days.
At first, it returned to $107,000, where it spent most of the weekend trading sideways. The bulls began a more impressive leg up that drove the asset to just over $111,000. It retraced sharply on Tuesday morning but skyrocketed in the evening past $114,000 to set a weekly high. However, this sporadic rally came to a halt almost immediately, and the subsequent rejection was quite violent.
In just hours, BTC found itself dumping toward $106,000, thus erasing nearly $8,000. The support at that level held and prevented bitcoin from another leg down to under $105,000 for the second time in less than a week.
The cryptocurrency began its gradual ascent and tapped $111,000 earlier today. More volatility was expected as the day progressed due to the highly anticipated US CPI data for September. Once those numbers came out, and were lower than anticipated, BTC shot up by a grand to $112,000, only to be stopped again and drive south to its starting point.
Still, the weekly chart is quite promising as it shows a healthy 5.7% increase. Many altcoins have posted even more impressive gains within this timeframe, including DOGE, SOL, LINK, HYPE, and BCH.
The total crypto market cap has recovered $200 billion and is up to $3.850 trillion on CG.