Today’s crypto news has been anything but calm. The week started with a 3% drop in the price of Bitcoin, followed by the crypto market generally slowing down, then, heading into the weekend, talk of Changpeng Zhao’s pardon dominated the headlines, and the week ended with a political catalyst as Donald Trump dominated every feed.
Earlier this week, Coinbase finally listed BNB, something most traders either didn’t expect so soon, or never expected at all. The weekend ended with the US stock market closing strongly, flashing its biggest green candle in history, while the price of Bitcoin still seemed to be hesitant around $111,000 as the overall crypto market cap stood at nearly $3.8 trillion. The ground holds firm.
(source – CoinGecko)
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From Monday’s slow start to Friday’s rebound, the crypto market has been a Falcon Flight roller coaster. After CZ’s grace, BNB briefly climbed, but cooled off once market makers took profits.
Data from DeFiLlama shows that the total value of DeFi locked is around $152 billion, up 1.6% on the day after rising 4% the day before.
(source – Defillama)
Bitcoin, on the other hand, managed to climb 4.3% this week, reaching nearly $112,000 on Friday, although it still lags the broader stock market rally. Support appears strong near $109,000, while resistance around $114,000 could break downtrends.
People have mentioned that they are seeing “whale wallets” waking up again, as supply on exchanges continues to fall. The RSI is at 47, a neutral phase, something that often happens just before a rise. Once Bitcoin price hits $114,000, the next stop could be $120,000 or even a new high.
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Today, Trump’s crypto news really shook up the crypto market. His new executive order to create a national Bitcoin reserve and make America the digital asset capital has sent shockwaves through financial forums.
The timing perfectly matched the strength of the U.S. stock market. The Dow broke the 47,000 mark for the first time and the S&P 500 jumped 0.8% to 6,791 points, while the Nasdaq rose 1.1%. A weaker CPI reading at 3% pushed most traders to bet on riskier assets.
(source – S&P500, TradingView)
But why is the price of Bitcoin still lagging behind?
Heading into next week, all eyes are on Fed speakers and CPI revisions. Stablecoin data hits an all-time high of $309 billion and continues to climb as capital continues to flow into the crypto market, ready to buy the market. If Bitcoin holds the $111,000 zone, we could see altcoins rise. And the current lag is just a delay, a common market reaction.
