Bitcoin’s price faced a real rollercoaster in the past 24 hours after Strategy announced another sale, this time a lot bigger than the previous. However, it managed to recover most of the losses and even spiked somewhat surprisingly.
Most altcoins have remained relatively sluggish on a daily scale. XRP has dipped further away from a critical support line after failing at $1.15 earlier.
BTC Rebounds After Strategy Drop
Bitcoin dipped below $58,000 on July 1 for the first time in nearly two years but reacted well and started to recover some of the losses almost immediately. It surged past $60,000 and kept climbing in the following days, even during the past weekend.
Its gradual rebound pushed the asset to over $63,500 on Sunday, where it faced resistance and slipped to under $63,000. Another leg up followed on Monday morning, with the bulls driving BTC to $64,000 for the first time in about two weeks.
However, then came the big news from Strategy. The largest corporate holder of BTC disposed of over 3,500 units, which led to an immediate price drop to $61,200. As the FUD kept spreading, though, the cryptocurrency rebounded instantly and surged past $64,500 by the end of the day to mark another local peak.
It couldn’t keep climbing and has returned to $63,000 as of now, the level it stood at yesterday before Strategy’s announcement. Its market cap remains above $1.260 trillion, while its dominance over the alts is still at 56.6% on CG.
BTCUSD July 7. Source: TradingView
XRP, DOGE in the Red
Most larger-cap alts have managed to defend their levels after yesterday’s volatility. Ethereum is still stuck between $1,750 and $1,800, while BNB remains below $580. XRP has dropped further away from the key support at $1.15 following a 1.3% daily decline to $1.1275.
Even more painful drops are evident from DOGE, ADA, XLM, and CC. While the first couple are down by 2-3%, the last has dumped by over 5% daily. In contrast, SOL, HYPE, RAIN, and ZEC have posted minor gains, while WLFI, AAVE, MORPHO, and DEXE have gained up to 8%.
The total crypto market cap continues to sit in a familiar range, currently at $2.240 trillion.
Cryptocurrency Market Overview July 7. Source: QuantifyCrypto
