Bitcoin’s price has rebounded from a two-week low after a sharp decline triggered by large-scale sell-offs from Galaxy Digital, stabilizing above $117,000 as of press time. The cryptocurrency’s recovery followed a dramatic drop of over $4,000 on Thursday evening, when it fell to $114,500, but buyers regained control to push the price past key resistance levels. This resurgence has sparked optimism among analysts, who suggest that a sustained hold above $116,800 could pave the way for new all-time highs next week [1].
Altcoins also saw significant gains during the rebound, with Ethereum surging 3.5% to reclaim $3,700 and XRP stabilizing at $3.15 after defending the $3 level. Solana, HYPE, XLM, LINK, and BCH recorded double-digit increases, while SUI and HBAR led the market with even sharper rises. SUI, in particular, soared 10% to reach $4, marking one of the most notable performances among major altcoins. Other standout movers included ENA, SPX, and SKY, which rose 17%, 14%, and 13%, respectively, contributing to a broader market rally [1].
The total crypto market cap expanded by approximately $70 billion following the correction, climbing to $3.94 trillion as of press time. This surge reflects renewed investor confidence, particularly in altcoins, which have outperformed Bitcoin in recent sessions. The recovery follows a consolidation phase for Bitcoin since July 14, when it briefly touched $123,000 before retreating to trade near $118,000. The recent volatility underscores the market’s sensitivity to large institutional actions, as Galaxy Digital’s dumping of BTC triggered the initial selloff [1].
Analysts remain cautious but optimistic about Bitcoin’s near-term prospects. If the asset sustains its position above $116,800, it could trigger a new wave of bullish momentum, according to Michaël van de Poppe, a prominent crypto analyst, who highlighted the significance of this level in a recent tweet [1]. The market’s ability to rebound from the two-week low suggests strong buyer interest, though further tests of key support and resistance zones are expected in the coming weeks.
Bitcoin’s performance will be closely watched as it navigates critical price levels. A sustained recovery above $117,000 could reinforce its dominance in the market, while a retest of the $114,500 support could provide additional insights into institutional activity. Altcoins, meanwhile, continue to offer high-risk, high-reward opportunities, with SUI and other top performers demonstrating resilience despite the broader market’s volatility [1].
Source: [1] [Bitcoin Price Recovers $3K, SUI Rockets 10% to $4: Weekend Watch] [https://coinmarketcap.com/community/articles/688488a21013875e148796b0/]
