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Bitcoin bulls struggle to breach $110k, memecoins PUDGY, BONK, FARTCOIN lead weekly chart

2025-07-05 09:26:59

Bitcoin bulls struggle to breach $110k, memecoins PUDGY, BONK, FARTCOIN lead weekly chart

Main Idea

Bitcoin struggled to breach the $110,000 mark, facing multiple rejections, while meme coins like PUDGY, BONK, and FARTCOIN led weekly gains amid broader market volatility.

Key Points

1. Bitcoin bulls were thwarted in their attempt to regain support at $110,000, marking the third rejection at that level this month.

2. Weekly momentum was largely driven by meme coins, with PUDGY, BONK, and FARTCOIN posting significant gains (62.7%, 26.4%, and 19.4% respectively).

3. Bitcoin's late-week surge to $110,386 was fueled by bullish US developments, including a US-Vietnam trade agreement and cooling export restrictions on semiconductors to China.

4. Analysts warn of a potential 14%-18% price drop for Bitcoin if historical patterns of rejection near all-time highs repeat.

5. Support levels for Bitcoin appear to be forming near $106,000 and $104,000, with the market likely to remain rangebound between $103,000 and $110,000 unless sentiment shifts decisively.

Description

With macro concerns easing, Bitcoin bulls made an attempt to breach the $110,000 mark before pulling back. The total cryptocurrency market capitalisation, which had fallen to a weekly low of $3.36 trillion, rebounded to $3.48 trillion later in the week, driven by bullish developments out of the US. This late-week optimism pushed market sentiment higher, with the Crypto Fear & Greed Index rising to 73, firmly within the Greed zone. Altcoins followed a similar upswing late in the week, but much of...

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