The business week was marked by important macroeconomic events, including the much-anticipated CPI data for August, which could set the tone for the Fed’s next big move.
But first, let’s rewind the clocks to last weekend when the primary cryptocurrency was struggling a lot. At the time, the asset, perhaps living up to the bearish September projections, failed to maintain above $112,000 and tested the $110,000 support on a couple of occasions on Saturday and Sunday.
The bulls ultimately managed to defend that level and went on the offensive as the week progressed. At first, BTC climbed to $111,500 on Monday and beyond $113,000 on Tuesday, but it faced immediate rejections, the second of which pushed it south below $111,000 once again.
However, bitcoin bounced off once again and jumped to $114,000 on Wednesday and Thursday, ahead of the CPI announcements from the United States. Once that data came out, and it became known that reality and expectations met in an almost perfect match, BTC reacted with instant volatility that drove it up and down by a grand in each direction.
Overall, though, the stats were regarded as bullish since the US Federal Reserve is expected to lower the key interest rates next week. Consequently, bitcoin jumped once again and surged to a multi-week peak of $116,400 earlier this morning.
It has lost some momentum since then and sits around $115,000 as of press time, which means that it has gained over 1.6% on a weekly scale. This pales in comparison to some altcoins, which have charted double-digit gains, such as DOGE, SOL, and HYPE.
In fact, HYPE skyrocketed to a new all-time high this week at over $57. BNB also set a record of its own at $910. Other massive weekly gainers include MNT, M, and, of course, MYX (1,260% surge since last Friday!).
Market Cap: $4.1T | 24H Vol: $151B | BTC Dominance: 55.8%
BTC: $114,950 (+1.6%) | ETH: $4,520 (+1.5%) | XRP: $3.04 (+6%)
$300K Made From CHARLIE Token After Charlie Kirk Shooting. This week marked the brutal murder of one of the most popular US conservative activists, Charlie Kirk. Staying true to its nature, the cryptocurrency community was quick to ramp up the number of tokens related to the deceased and capitalize on the situation.
Bitcoin Miners Flip the Script: Why They’re Accumulating Instead of Selling This Cycle. CryptoQuant data indicates that BTC miners have adjusted their strategy for dealing with the asset, opting to hold larger portions of their newly mined units instead of selling them during price rallies.
Altcoin Trap Alert: Analyst Warns of Engineered Rally Ahead of CPI and FOMC Shocks. A popular analyst warned retail investors that whales might have artificially engineered rallies for some altcoins ahead of the highly anticipated FOMC meeting next week, only to dump their holdings after its conclusion.
El Salvador Celebrates 4 Years of Bitcoin Legal Tender with 21 BTC Purchase. It has been four years since the Nayib Bukele-led small nation made history by becoming the first country to legalize Bitcoin officially. El Salvador celebrated the occasion with a 21 BTC purchase despite the IMF restrictions.
Breaking XRP ETF Update as SEC Deals Fresh Blow to Ripple. Although many experts are adamant that XRP will have its own ETFs by the end of the year, the US SEC continues to delay making a decision on various applications. The latest to face such a setback was Franklin’s filing.
Is Bitcoin’s Bull Market Redefining Itself as Staircase-Style? MVRV Data Suggests Yes. The Market Value to Realized Value metric dipped below its 365-day simple moving average, which raised certain questions about the state of the current bull market. A new report indicated that BTC has evolved into a “staircase-like” bull cycle instead of a parabolic asset.
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post Bitcoin Hits $115K After CPI Data and Ahead of FOMC as BNB, HYPE Break Records: Your Weekly Recap appeared first on CryptoPotato.
Also read: MemeCore (M) Explodes by 400% in a Month: What Fuels the Massive Rally?
