Bitcoin continued its recent weak form, losing 1.2% to $92,413, trading briefly under the key $92,500 level. Even with this drop, Bitcoin is maintaining above the $92,500 mark. The wider crypto market had a mixed day as many altcoins fell while a few tokens continued to rise.
Bitcoin's Market Dynamics
The market capitalization of Bitcoin shrank down to $1.835 trillion, while Bitcoin’s market cap dominance went down to 63.43%. Per Patel, Bitcoin is currently looking at $96,300 as key resistance and $91,700 as immediate support.
"Looking ahead, US jobless claims data due later today could influence short-term sentiment. Bitcoin now faces resistance at $96,300, with immediate support at $91,700," - Patel
Bitcoin spot ETFs saw extraordinary net inflows in excess of $700 million. Inflows during the weeks reached over $1 billion, even with the abrupt price changes. This was partly due to the entire market seeing more than $624 million in liquidations, which alleviated downward pressure and gave Bitcoin room to bounce.
Altcoin Performance
The altcoin market was a different story. XRP was down by 3.7%. Dogecoin was down 4.3%, and Solana lost 2.2%. Cardano and Chainlink had 24-hour drops of about 2% each.
Among the biggest gainers, Sui was an outlier, up 5%. As per Vikram Subburaj's explanation, the success of Sui came about as a result of an unprecedented increase in meme coin trading on its network.
"Altcoins were mostly in the red, but Sui rose by 45% this week, driven by a surge in meme coin trading on its network," - Vikram Subburaj
Technical Analysis and Future Outlook
Half the time, Sathvik Vishwanath observed the formation of a bullish golden cross, signaling that Bitcoin is experiencing a mid-term upside bias. Yet at the same time, Vishwanath cautioned that momentum is losing steam as traders focus on the $95,000 resistance barrier.
"A bullish golden cross has formed, indicating a mid-term upside bias. But momentum is slowing as traders eye the $95,000 resistance. A breakout could trigger a rally toward $100K," - Sathvik Vishwanath
