It was another major week for the crypto market, which ended with what was supposed to be good news for risk-on assets, but it hasn’t delivered the expected outcome for now.
First, let’s explore what happened at the end of the previous business week when BTC tried to take down the $85,000 resistance but was halted in its tracks. The subsequent rejection drove it south by two grand within minutes. Nevertheless, the asset recovered some ground over the weekend and challenged the same resistance on Monday morning.
However, the scenario repeated. This time, though, the bears were even more persistent and managed to drive BTC south hard to well below the $83,000 support. That level, which served as the lower boundary of the well-defined weekly trading range, was tested on several occasions within a few days, but managed to hold.
Then came Wednesday’s PCE release, which was much better than expected. BTC first surged by over two grand to $85,600, before it was violently rejected and pushed south to its starting point. All within minutes.
Thursday and Friday were more positive. Bitcoin started to climb gradually and surged to almost $87,000 earlier today. Its progress was stopped there, and it slipped to $86,000. However, the weaker-than-expected US jobs report resulted in another leg up that drove it to $87,200.
The following hours, though, have been quite the opposite. Although the chances for another rate hike by the Fed dropped significantly, BTC just dumped toward $85,200 and now struggles below $86,000 once again. Nevertheless, it’s still 2% up weekly, which cannot be said about some major larger-cap alts, such as XRP, ZEC, HYPE, BCH, and UNI.
In contrast, QNT stole the show in the past seven days, posting a massive 160% surge. NIGHT has gained 105% as well within the same period, completing the modest list of triple-digit price gainers.
Market Data
Market Cap: $3.050T | 24H Vol: $113B | BTC Dominance: 56.6%
BTC: $85,670 (+1.9%) | ETH: $2,710 (+0.4%) | XRP: $1.51 (-4.8%)
This Week’s Crypto Headlines You Can’t Miss
Bitcoin Enters Its Most Bullish Month After Massive Q3: Uptober or Redtober Next? Simply speaking historically, October has been BTC’s greenest month. As such, the expectations for another major rally are high, but analysts warned that some major catalysts could come between bitcoin and the next yearly milestone.
Bitcoin Fell After Four US Midterms: Could 2026 Break the Pattern? Meanwhile, a popular analyst outlined a rather intriguing and quite painful pattern, which could play out in the next few months. BTC has always dropped hard after US midterms, and the next such elections are scheduled for a month from now.
Zcash (ZEC) Gains 1,000% and Still Has Room to Grow, Grayscale Research Says. Although it’s down by 13% weekly and sits below $1,400, ZEC actually posted a mind-blowing increase of 1,000% in the past year after it topped $1,600 recently. Grayscale Research predicted that the asset still has room for growth.
Quant (QNT) Could Explode to $2,000: Analyst Reveals the Critical Factor. QNT became this week’s major rockstar, skyrocketing by 300% at one point. Although it was stopped at just under $300, some market observers remain bullish, highlighting major price targets of up to $2,000.
Arthur Hayes Predicts Ethereum Will Reach $10K by Year-End. The former CEO of the now-closed exchange BitMEX, who has a rather controversial history with buying and selling ETH at the wrong time, noted that the altcoin could skyrocket to a new all-time high of $10,000. Moreover, he said this major surge could take place by the end of the year.
Saylor’s Strategy Buys Another 1,665 BTC in Second Consecutive Weekly Purchase. Strategy continues with its BTC reaccumulation phase, adding another 1,665 units, while its stash has grown to a new all-time high of 847,666. Meanwhile, Strive wasn’t far off as it purchased 1,107 BTC, bringing its total to 27,462.
Source: CryptoPotato
