Bitcoin Hits $87K for the Third Time This Week, But Fails to Sustain Momentum
Bitcoin's price surged past $87,000 for the third time this week, but its momentum was short-lived and it dropped to around $86,000. This comes after a string of rejections at $80,000 in previous attempts to break through.
The asset's resurgence can be attributed to its ability to rebound swiftly from last week's dip to a three-week low at $75,000 following the US Federal Reserve's rate hike and the failed advancement vote on the CLARITY Act. The bulls stepped up their efforts, driving BTC past $80,000.
The current escalation in Middle East conflicts also had an impact on Bitcoin's price, causing it to slip to $80,300 before regaining momentum. The asset added $7,000 in value and challenged the $87,000 mark for the first time since late January.
Other altcoins have also seen significant gains, with Hyperliquid's HYPE breaking its all-time high at $98, and Ripple's XRP reclaiming the key $1.60 resistance level. BCH and UNI have jumped by over 33% and 16%, respectively, following a CME announcement.