ICP Surges Amid Bitcoin Rally, But Can It Break Free of Weakening Trend?

The Federal Reserve Governor Christopher Waller's comments on keeping interest rates steady at the central bank's September meeting may have contributed to Bitcoin's 4.3% rally in the past 24 hours, pushing its price above $82.2k and later slipping toward $80k.

This market-wide price bounce also saw Internet Computer (ICP) rise by 2.5%, with ICP up 27.7% from its low of $1.99 made on August 1st in just over a month.

A Taurex report highlighted that ICP is the weakest among 60 cryptos in terms of price performance, down 99.6% from its all-time high of $700 made in May 2021. However, crypto influencer SkyV observed that ICP had consolidated around the $2 region for months and broke its descending trendline resistance, potentially opening a path toward $7.20.