Despite improving inflation stats in the U.S., Bitcoin has struggled to rise beyond $89,500 by Thursday. Other altcoins have seen positive upticks; Ethereum is now close to $3,000, while XRP has rescaled above the crucial $1.90 mark. Notably, ZEC, HYPE, CRO, UNI, and CC have also experienced gains.

Bitcoin Holds $88K Support

After encountering resistance at $94,500 twice last week, Bitcoin underwent an immediate correction and hovered around $90,000 for approximately 48 hours before retracing under $85,500 on Monday. The bullish sentiment resurfaced by Tuesday, propelling Bitcoin beyond $90,000, but this surge was short-lived as it reverted to below $85,500 later.

In a volatile reaction to the U.S. CPI report released on Thursday, which was more favorable than expected, Bitcoin spiked back to $89,500 but faced another decline, settling at a multi-month low of $84,500.

Despite multiple recovery attempts, where Bitcoin reached $89,500 again, its market price continues to maintain above $88,000, a figure representing a 2.5% weekly decline. The overall market capitalization remains robust, exceeding $1.750 trillion with Bitcoin’s dominance at 57.3%.

Altcoin Performance

Ethereum dipped below $2,900 recently but quickly reclaimed this threshold, residing near $3,000 with slight daily gains. Other altcoins such as BNB, SOL, BCH, and LINK are also showing positive trends. Additionally, ZEC has surged by double digits once again, exceeding $450, while HYPE and CRO have realized increases of 5% and 7%, respectively. The cumulative cryptocurrency market capitalization has added approximately $50 billion, now totaling around $3.080 trillion as per CG.