Bitcoin Adds $20B to Crypto Economy as Traders Defend $77,000 Support

Bitcoin traded in a volatile, range-bound pattern around $77,500 after repeatedly failing to sustain a breakout above $77,000. A midnight liquidity burst pushed the price from just under $76,700 to $77,200 in under an hour, followed by a gradual rise toward $77,555. Subsequent sell-offs drove the price down to $76,900 by 10:15 a.m. EST, then again to just above $77,000 after an intraday high of $77,604 around 11:24 a.m. By 1:26 p.m. EST, bitcoin was near $77,500 and poised to test $77,600. Bitcoin gained about 0.5%, lifting market capitalization to roughly $1.55 trillion and reducing weekly losses from 4.8% to 2.5%. The broader crypto market cap rose above $2.66 trillion, up more than $20 billion from $2.64 trillion.

"Bitcoin experienced volatile, range-bound trading, repeatedly struggling to sustain a breakout above $77,000. After a midnight surge from $76,700 to $77,200, it hit an intraday high of $77,604 before stabilizing around $77,500. Bitcoin fluctuated around $77,500 after a sharp midnight breakout from the $76,700 level."

"Market data reveal that bitcoin spent the better part of the session suffocated below $77,000, only testing the level shortly after midnight when a sudden burst of liquidity triggered a rapid $500 spikepropelling the price from just under $76,700 to $77,200 in less than an hour. From that point on, it rose gradually to $77,555 before a sharp sell-off saw it tumble to $76,900 by 10:15 a.m. EST."

"The same pattern repeated, driving bitcoin to an intraday high of $77,604 around 11:24 a.m., only for the cryptocurrency to plunge to just above $77,000 an hour later. At the time of writing at 1:26 p.m. EST, bitcoin was trading around $77,500 and appeared poised to test the $77,600 threshold again."

"Bitcoin's price action meant it added a modest 0.5% to its value, which in turn lifted its market capitalization to approximately $1.55 trillion. The marginal gain also trimmed its weekly losses from 4.8% to 2.5%. The rebound helped push the crypto economy's aggregate market cap to $2.66 trillion, a jump of more than $20 billion from the $2.64 trilli"

Read at news.bitcoin.com