Bitcoin Market Rally: Bearish Pivot & Altcoin Declines

Bitcoin moved into bearish territory, breaking down to the $9,000 range, before jumping to $10,500 in one hour of rapid up bidding.

Bitcoin (BTC) had a bearish week, where indicators turned and the asset left its parabolic trend. BTC retreated toward $9,300 in a series of flash-crashes. But just as suddenly, the price recovered by $1,000 late on Thursday, to the $10,500 level.

Bitcoin Price Rallies Above $10,000 and Consolidates

Bitcoin (BTC) traded at $10,351.91 as of 12:30 UTC on Monday, abandoning the earlier trek to above $10,600 and above. The prices consolidated, on volumes around $24 billion’s equivalent.

OKEx Crypto Exchange Next to List Dogecoin (DOGE)

Ethereum (ETH) sank briefly under $200 this week, as altcoins retreated. ETH recovered to $218.62, with a net loss of more than 20% over the past week, as weakness seized the markets.

XRP (XRP) lost about 7% this week to stand at $0.31, still not getting a boost from its potential use case with banks.

Litecoin (LTC) recovered to $98.29 after briefly sinking under $90. LTC is headed to its halving at the beginning of August.

Bitcoin Cash (BCH) is at $305.71, down another 7% this week, moving farther away from the $400 price mark.

Binance Coin (BNB) retreated to $28.78, despite the high importance of the Binance Exchange for BTC liquidity.

EOS (EOS) shed another 16% to $4.02, spiraling downward with expectations of an even lower price.

Bitcoin SV (BSV) sank to $137.13, down around 17% in its second week of deep losses.

Stellar (XLM) managed to “flippen” TRON (TRX) by only losing 7% and consolidating around $0.088.

TRON (TRX) lost about 8% this week, consolidating around $0.025, with no boost from the upcoming charity dinner of Justin Sun with Warren Buffett.

Cardano (ADA) kept sinking, shedding another 17% to $0.055.

Monero (XMR) also lost during this week’s altcoin sell-off, steadying at $81.04.

Unus Sed Leo (LEO) crashed significantly, spiraling down on Friday, to $1.29. LEO lost about 12% this week, distancing itself from the peak at around $2.

DASH (DASH) lost more than 25% of its value this week, to $108.34, wiping out its recent rally.

Chainlink (LINK) survived with losses of about 12%, to around $2.60, losing steam for now.

NEO (NEO) sank by 17% on a weekly basis, to $12.45.

IOTA (MIOTA) lost 15% this week to $0.29, sinking continuously to a lower price range.

Cosmos (ATOM) went down to $3.89, losing more than 15% this week.

Ethereum Classic (ETC) is down to $5.76, losing 15% this week.

Altcoins moved to more negative positions, going through a massive correction, with up to 30% losses on some days. The hopes of an altcoin season were permanently dashed, as only BTC prices reacted to trading exuberance.

BTC is still extremely volatile, abandoning the bullish parabolic trend, and creating uncertainty for its fate.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.