Bitcoin Rejected at $87K Despite Soft PCE and Jobs Data as QNT, NIGHT Explode: Weekly Crypto Recap
It was another major week for the crypto market, which ended with what was supposed to be good news for risk-on assets, but it hasn’t delivered the expected outcome for now.
First, let’s explore what happened at the end of the previous business week when BTC tried to take down the $85,000 resistance but was halted in its tracks. The subsequent rejection drove it south by two grand within minutes. Nevertheless, the asset recovered some ground over the weekend and challenged the same resistance on Monday morning.
However, the scenario repeated. This time, though, the bears were even more persistent and managed to drive BTC south hard to well below the $83,000 support. That level, which served as the lower boundary of the well-defined weekly trading range, was tested on several occasions within a few days, but managed to hold.
Then came Wednesday’s PCE release, which was much better than expected. BTC first surged by over two grand to $85,600, before it was violently rejected and pushed south to its starting point. All within minutes.
Thursday and Friday were more positive. Bitcoin started to climb gradually and surged to almost $87,000 earlier today. Its progress was stopped there, and it slipped to $86,000. However, the weaker-than-expected US jobs report resulted in another leg up that drove it to $87,200.
The following hours, though, have been quite the opposite. Although the chances for another rate hike by the Fed dropped significantly, BTC just dumped toward $85,200 and now struggles below $86,000 once again. Nevertheless, it’s still 2% up weekly, which cannot be said about some major larger-cap alts, such as XRP, ZEC, HYPE, BCH, and UNI.
In contrast, QNT stole the show in the past seven days, posting a massive 160% surge. NIGHT has gained 105% as well within the same period, completing the modest list of triple-digit price gainers.
