Crypto prices remained relativey calm during the weekend, especially for the larger-cap coins, most of which retained their valuations or are trending slightly higher.
Bitcoin tested $106,000 but the bulls failed to sustain the price above that level, which was followed by a slight retrace to around $105,500. Nonetheless, the week is packed with important economic events, so let’s dive into it.
Bitcoin Bulls Battle for $106,000
At the time of this writing, the Bitcoin price is trading at around $105,500, charting a very slight increase of around 0.2% throughout the past 24 hours. Its weekly gains are also comparable.
As seen in the chart below, the leading cryptocurrency was able to stage a full recovery from the drops that it witnessed during the clash between Donald Trump and Elon Musk earlier last week. Over the past couple of days, it even managed to hit $106,500, but the bulls were unable to sustain the pressure.
The market seems to be equalizing, which is evident from the declining amount of liquidations across derivatives positions. During the past 24 hours, around $125 million worth of both long and short positions were wiped off, which is relatively low, as opposed to periods of more serious volatility.
That all might be about to change, though, because this week is packed with important economic events that might boost the market turmoil. CPI numbers are expected on Wednesday, which will reveal how the country is faring against inflation. Typically, this is associated with heightened short-term volatility. The PPI report is also slated for later in the week. The US and China will continue their trade talks starting today. Any development in this regard is surely to ignite a response as well.
These Altcoins Outperform
While the majority of the large-cap cryptocurrencies are trading flat for the most part today, some altcoins are charting more considerable gains.
For example, Internet Computer (ICP) is up by 8.3%, while the popular meme coins Fartcoin (FARTCOIN) and SPX69000 (SPX) are up by almost 7% each.
All in all, the market remains mostly in red but, as we mentioned, the declines are not serious.
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Cryptocurrency charts by TradingView.
