Bitcoin (BTC) Price Shaky at $66K, Polkadot (DOT) Defends $6 (Market Watch)

Bitcoin had another quiet weekend, which it spent in a tight range between $66,000 and $66,500 before unsuccessfully trying to break out of the latter.

The altcoins have also turned red on a daily scale, with AVAX, NEAR, and UNI leading the adverse trend.

BTC Falls Back to $66K

The primary cryptocurrency started the previous business week with an attempt to overcome the coveted $70,000 level after another calm weekend. However, the bears were quick to intercept the move and pushed the asset south by four grand. This came ahead of the US CPI numbers and the subsequent FOMC meeting.

Once the inflation data came out, and it beat expectations, BTC skyrocketed back to $70,000, but the Fed’s refusal to follow the ECB’s example in reducing the interest rates resulted in another decline. This time, bitcoin slumped to a monthly low of $65,000.

Nevertheless, BTC managed to recover some ground by the time the weekend arrived and jumped to just over $66,000. It spent the next 48 hours stuck there but aimed at $67,000 earlier today. That attempt saw no success and BTC now stands just inches above $66,000 after a minor retracement.

Its market cap remains at $1.3 trillion and its dominance over the alts has increased slightly to 51.4% on CG.

Bitcoin/Price/Chart 17.06.2024. Source: TradingView

Alts Turn Red

Most of the larger-cap alts have turned red, following BTC’s example. ETH, BNB, and TON have declined by less than 1%, while DOGE, ADA, and LINK have dropped by slightly over a percentage.

DOT has managed to defend the $6 support line, while DOGE, AVAX, SHIB, BCH, NEAR, UNI, and IMX have dumped hard, with up to 7% in the case of IMX. FET has lost the most value from the larger-cap alts, having slumped by 10% to $1.3.

SOL, XRP, TRX, and KAS have charted insignificant gains. However, the total crypto market cap has seen over $30 billion gone in a day.