Bitcoin's Wild Ride Continues as QNT and NIGHT Defy Market Correction
The business week for Bitcoin started on a rocky note, as it failed to reach $85,000 and slipped below its key support level of $83,000 multiple times. However, the bulls managed to defend that level and initiated an upward momentum that challenged the upper boundary of the trading range at $85,000.
A significant breakthrough occurred on Wednesday after the release of PCE data, when Bitcoin skyrocketed from $83,000 to $85,600 within hours. However, it was immediately rejected and plummeted towards its starting point.
Despite positive developments in the labor market and inflation front, Bitcoin was violently rejected at $87,000 and slumped to under $84,000, resulting in nearly $600 million in liquidations. It has since rebounded to $84,500, with a market cap of $1.69 trillion and dominance over altcoins standing at 59% on CMC.
In contrast, QNT and NIGHT have continued their upward trajectory, defying the overall market correction. QNT posted a 13% surge to well over $260, while NIGHT rose by a similar percentage and tapped $0.50.