Bitcoin Holds Steady Around $60,000 Amid Geopolitical Tensions
Bitcoin’s price maintained a relatively stable position around the $60,000 mark over the weekend, weathering new escalations in the Middle East and a broken ceasefire.
Most altcoins experienced minor losses on a 24-hour basis, with ZEC seeing the steepest decline among larger-cap cryptocurrencies. AAVE also slipped below $90 following a significant correction.
The primary cryptocurrency began the business week with a strong surge to $65,500, having reclaimed the $64,000 support level over the weekend. However, this upward momentum proved short-lived, leading to a challenging few days. Initially, sellers pushed the price below $62,400, followed by two further declines that brought Bitcoin to multi-year lows.
On Wednesday, the cryptocurrency plummeted to $59,000 as concerns surrounding Strategy intensified. After a brief rebound to $62,000 on Thursday, often referred to as a “dead-cat bounce,” Bitcoin experienced another substantial drop, plunging to $58,000 – its lowest point since late 2024.
At this juncture, bulls finally intervened, preventing a further breakdown. Bitcoin subsequently rebounded by a couple of thousand dollars and has largely hovered around $60,000 for the past 36 hours.
This period of calm is particularly noteworthy given the recent developments in the Middle East, where the United States and Iran have engaged in retaliatory actions and accused each other of violating the ceasefire.
Bitcoin’s market capitalization currently exceeds $1.2 trillion, according to CoinGecko, with its dominance over altcoins nearing 56% once again.
While most altcoins are trading in negative territory today, their declines are relatively minor compared to the volatility seen throughout the week. Ethereum remains just below $1,600, XRP is trading at $1.05, SOL is above $70, and HYPE is at $63. BNB has seen a slightly larger drop, while DOGE is down by over 2.3%.
ZEC has suffered the most significant losses among larger-cap altcoins today, struggling at $385. AAVE has lost much of its recent gains, falling back below $90. M continues to set new lows, with an additional 13% decline pushing it to $0.68. In contrast, VELVET has surged by 30%, entering the top 100 altcoins by market capitalization, and PUMP has followed suit with a 15% increase.
The total cryptocurrency market capitalization has decreased by approximately $20 billion daily, now standing below $2.160 trillion, according to CoinGecko.
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