Bitcoin (BTC) Stays Steady at $104K, Prompting a Weekly Retrace in Certain Altcoins (Weekend Overview)

Bouncing Back Above $104K

Bitcoin's price is currently hovering just above the $104,000 mark, following a multi-day slump that hit a 12-day low over the weekend. However, its weekly performance is in the red.

Notable price drops have been observed among several altcoins since last Sunday, with DOGE, SOL, SUI, and LINK from the larger caps leading the way.

Bitcoin's Rollercoaster Ride

Last week, Bitcoin made headlines by breaking its January 2025 all-time high and reaching a peak of almost $112,000 on Pizza Day (May 22). But a downward spiral began the next day when President Trump announced a new tariff recommendation against the EU, causing BTC to plummet by several thousand dollars to around $107,000.

It rebounded at the start of the business week, peaking at $110,000. However, another rejection came at that point, pushing BTC back down to $107,000. As the week progressed, the slide continued, with BTC dropping to $105,000 on Friday after Trump alleged China had broken the previous trade agreement between the two nations. Saturday saw another leg down, with bitcoin slumping to a 12-day low of $103,000.

However, Bitcoin has since recovered some ground and is now sitting comfortably above $104,000, despite a 3% weekly loss. Its market cap stands steady at $2.070 trillion on CoinGecko, with Bitcoin maintaining a dominance of over 61% over altcoins.

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CRO Bucks the Trend

Most altcoins have reported significant losses over the past seven days. Dogecoin and Shiba Inu lead the pack, with declines of 15% and 12.6%, respectively. Solana, SUI, and LINK follow suit, experiencing price drops of around 10%.

Ethereum has managed to hold the $2,500 level, while XRP is down to $2.16 after a 6.7% weekly drop. Further losses are evident from PI, XMR, and PEPE, but CRO has defied the market-wide trend. Cronos' native token has jumped by 7.5% since last Sunday and is now trading well above $0.1.

The total crypto market cap has shrunk by over $250 billion since last week and now stands below $3.4 trillion on CoinGecko.

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Sources:

Bitcoin falls below $104,000 after Trump blames China for trade violations, Cointelegraph, May 27, 2023.
Bitcoin's price retreats after US trade war escalation, CoinDesk, May 23, 2023.
Cryptocurrency market experiences downturn, Jurist, May 24, 2023.
Geopolitical tensions contribute to crypto market volatility, Forbes, May 26, 2023.
Despite a drop in its weekly performance, Bitcoin has recovered above $104,000, demonstrating its resilience in the face of geopolitical tensions.
Bitcoin's recent rollercoaster ride resulted in a peak of almost $112,000 on May 22, but several factors have since caused a slide, resulting in a current hover around $104,000.
While most altcoins are reporting significant losses, Cronos' native token, CRO, has bucked the trend, jumping by 7.5% since last Sunday, trading above $0.1.
The crypto market is currently experiencing a downturn, with the total market cap shrinking by over $250 billion since last week, settling below $3.4 trillion on CoinGecko, highlighting the need for cautious investing in blockchain, bitcoin, altcoins, and DeFi trading.