Bitcoin’s price was rejected at $67,000 earlier this week, and the intense pressure from sellers brought the asset south toward $62,000 on Friday, where it finally found some support.
Many of the larger-cap alts have posted more impressive gains today, including SOL, which has reclaimed the $70 level, and HYPE, which trades at essentially the same price tag.
BTC Rebounds Above $63K
The business week began on the right foot for bitcoin. After a sluggish weekend but a big promise from Trump about a deal between the US and Iran to be announced on Sunday, the POTUS indeed outlined such an agreement from both sides that was expected to be signed by the end of the week.
BTC jumped immediately, going from under $64,000 to $66,000 and then to over $67,200 on Monday morning. However, its rally was halted at this point, and the asset was rejected twice at $67,000. More volatility ensued before and after the first FOMC meeting with Kevin Warsh leading the Fed. Bitcoin pumped to $66,400 before it was driven south to under $64,000 after the Fed maintained the rates and Warsh was quite hawkish.
The cryptocurrency fell further amid mounting fears that Strategy might start selling BTC soon to under $62,400 on Friday. Although the promised deal has not been signed yet, bitcoin still jumped toward $63,500 as of now, perhaps driven by the ceasefire announced by Israel and Lebanon.
Its market capitalization has climbed to $1.270 trillion on CG, while its dominance over the alts barely hinges above 56%.
BTCUSD June 20. Source: TradingView
SOL, HYPE Hit $70
Ethereum has risen past $1,700 despite Arthur Hayes’ new sell-offs. BNB is still below $590, while XRP fights for $1.15. SOL and HYPE have increased by similar percentages and now trade at essentially the same level, at around $70. ZEC is also up by 4% and sits above $470.
The other big privacy coin, Monero, has dipped by 4.4% to under $315. WLD has slipped to $0.60 after a 4.7% decline. MORPHO has lost 3.6% of value and now trades below $1.90.
The total crypto market cap has increased by around $40 billion since yesterday’s low and is above $2.270 trillion on CG.
Cryptocurrency Market Overview June 20. Source: QuantifyCrypto
