Market Watch: Bitcoin Steady at $119K as Altcoins Pull Back

Bitcoin’s price actions have remained relatively still on a 24-hour scale as the asset continues to trade around $119,000.

At the same time, many altcoins have posted notable price retracements, such as SUI, which is down by 6%, and PEPE.

BTC Calms at $119K

Driven mostly by a significant sell-off initiated by Galaxy Digital for a third-party for 80,000 BTC, the primary cryptocurrency’s price slumped hard last Thursday and Friday and bottomed at a two-week low of $114,500. After the sale was completed, it quickly started to recover some traction and jumped to its familiar range of around $117,000 during the weekend.

The bulls went on the offensive on Monday morning, pushing BTC higher to almost $120,000. However, another rejection took place at that persistent resistance, and bitcoin slipped to $117,500 hours later.

It has managed to recover some ground and is now close to $119,000, which brings the 24-hour movement to almost 0%. Nevertheless, more volatility is expected in the next couple of days as the US Federal Reserve is set to meet to discuss whether it will finally cut the interest rates or will it continue without a pivot.

For now, BTC’s market cap has remained at $2.365 trillion on CG, while its dominance over the alts has taken a breather and is above 59%.

Alts in Retreat

Most altcoins were charting notable gains over the past several days, and expectedly, have retraced now. Some of the most painful ones come from PEPE, AVAX, and SUI, but ENA leads with a massive 10% daily plunge.

XRP, BNB, SOL, DOGE, ADA, LINK, and XLM are also in the red, while ETH has remained close to $3,900 amid substantial demand for the Ethereum ETFs. TRX and HYPE are among the few altcoins in the green today.

The total crypto market cap jumped to roughly $4.050 trillion on CG yesterday, but has lost over $50 billion since then and is currently just below the $4 trillion mark.