Bitcoin nears $120k breakout as MNT, PENDLE, and M lead weekly gains
Main Idea
Bitcoin approaches $120k amid market rally, with altcoins like MNT, PENDLE, and M leading weekly gains, supported by US policy developments and macroeconomic factors.
Key Points
1. Bitcoin held near $116K after a volatile week, with the total crypto market capitalization rising over 7% to $3.96 trillion.
2. Altcoins outperformed, with Ethereum breaking $4K and tokens like MNT, PENDLE, and M posting significant gains (50%, 35%, and 25% respectively).
3. US policy developments, including potential retirement account allocations to crypto and new tariffs on gold, boosted market sentiment.
4. Macroeconomic factors, such as weaker-than-expected US jobs data and Fed rate cut expectations, further supported the rally.
5. Analysts highlighted Bitcoin's potential to break $120k, citing liquidity pools and bullish chart patterns, while altcoins like Ethereum and XRP also saw strong performance.
Description
Bitcoin’s choppy early-week performance, shaped by macro-driven volatility, gave way to a decisive upswing after bullish US signals lifted it to an August high of $117,596. Total cryptocurrency market capitalization gained over 7% across the week to stand at $3.96 trillion on Friday, one of the strongest weekly performances this year. In line with the rally, the Crypto Fear & Greed Index climbed nine points to 74, indicating that investors have grown more willing to take on risk as sentiment edg...
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