Bitcoin Calms After Wild Week: What's the Next Move?

Bitcoin Cools After Wild Ride: What's Next?

The cryptocurrency market has taken a breather over the weekend, with Bitcoin (BTC) settling just above $64,000 after last week's roller-coaster ride. So, what's driving this calm after the storm?

BTC's Rocky Road: What Happened Last Week?

Last week kicked off with Bitcoin flirting with $70,000, but it quickly took a dive, shedding $5,000 on Monday. Tuesday was even rougher, with BTC plummeting to a two-week low below $61,000. Profit-taking and jitters ahead of the Federal Open Market Committee (FOMC) meeting were to blame.

However, after the Fed announced no major policy shifts, Bitcoin staged a brief rally, surging 4% and breaking above $68,000 on Wednesday. But the party was short-lived, and BTC gradually lost ground in the days that followed.

Where's Bitcoin Now?

As of writing, Bitcoin hovers around $64,000, failing to breach the $66,000 resistance level. Its market cap remains steady at $1.260 trillion, with dominance hovering just above 49%.

Altcoins: Mixed Bag

Most altcoins have also calmed down, with Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) posting modest losses. XRP (XRP), Cardano (ADA), Shiba Inu (SHIB), and Polkadot (DOT) have gained 1-2%.

Dogecoin (DOGE) stands out as the top performer among the top 15 crypto assets, surging 7% overnight. This puts the original meme coin back above $0.17. Bitcoin Cash (BCH), Internet Computer (ICP), and OKB have also made impressive gains, with OKB climbing as high as 8%.

Market Cap: Slight Decline

Despite the calm, the total crypto market cap has slipped slightly on a daily basis, currently hovering just above $2.560 trillion on CoinGecko.

What's Driving the Market?

The weekend lull could be attributed to a combination of factors, including profit-taking, uncertainty surrounding upcoming events, and technical resistance levels.

Looking Ahead: What's Next for BTC and Altcoins?

Bitcoin's next move remains uncertain, with analysts divided on whether it will resume its upward trajectory or consolidate further. Altcoins will likely follow Bitcoin's lead, but some may outperform depending on specific catalysts.

Key Takeaways:

• Bitcoin has cooled after a volatile week, trading around $64,000.
• Most altcoins have also calmed, with a few exceptions like Dogecoin, which has surged 7%.
• The total crypto market cap has declined slightly, reflecting the market's overall consolidation.
• The direction of the market in the coming days is uncertain, with both bullish and bearish scenarios possible.