Bitcoin price stabilises near $115K as M and MNT lead altcoin recovery today
Main Idea
Bitcoin's price stabilizes near $115,000 as altcoins like MemeCore and Mantle lead a market recovery, with analysts debating the sustainability of the rally amid mixed macroeconomic signals.
Key Points
1. Bitcoin retested the $115,000 support level after recovering from weekend lows near $112,000, while the total crypto market cap rose 1% to $3.84 trillion.
2. Altcoin market cap increased by 5.5% to $1.54 trillion, led by gains in MemeCore (M), Mantle (MNT), and Litecoin (LTC), with Ethereum reclaiming the $3,600 level.
3. Analysts attribute recent market volatility to hawkish Federal Open Market Committee (FOMC) remarks and stronger-than-expected US economic data, leading to a shift in investor sentiment.
4. Swissblock notes Bitcoin's rally has entered a consolidation phase, with bullish momentum fading, but demand remains positive with over 160,000 BTC accumulated in the past 30 days.
5. Some analysts caution about potential volatility, with projections ranging from a surge to $160,000–$220,000 followed by a correction, while others highlight $112,000 as a key support level.
Description
After visiting lows of around $112,000, pressured by hawkish remarks during last week’s Federal Open Market Committee meeting, Bitcoin continued its recovery today but fell short of reclaiming the $115,000 support level. The total crypto market cap recovered from a two-week low, rising a little over 1% to $3.84 trillion during late Asian trading hours. Market sentiment also returned to greed territory after slipping into neutral over the weekend, as Monday’s recovery helped restore investor conf...
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