Crypto Market Sees Mixed Results as Bears Control Momentum
The crypto market started August on shaky ground, with Bitcoin struggling to reclaim $65k and putting pressure on the broader altcoin market. Despite some strong gains among top winners, capital rotation across altcoins remained limited, and bears controlled most of the momentum throughout the week.
LayerZero (ZRO) emerged as the biggest weekly winner, posting a 18.7% rally. However, this move may be too early to call a full-blown breakout cycle, as ZRO still has key resistance zones to clear before entering a breakout phase. The altcoin's technicals are painting a more bullish picture, with its RSI jumping over 5 points this week to 40.
Bitcoin SV (BSV) came in second among the biggest weekly winners, posting a 13%+ rally. However, BSV still has a long way to go before showing strong bullish momentum, and needs to break toward $20 to turn properly bullish.