Bitcoin’s price fell below $76,000 yesterday amid growing uncertainty around the conflict, but it has since recovered by more than $1,000 ahead of today’s Federal Open Market Committee (FOMC) meeting.
Most large-cap altcoins are modestly higher today. Ethereum reclaimed the $2,300 level, Binance Coin is holding around $625, and Dogecoin led gains among the major altcoins.
BTC Back to $77K
After dipping under $74,000 last Monday, Bitcoin rallied strongly to reach a multi-month high near $79,500 the following Tuesday, when reports indicated an extension of the ceasefire between the US and Iran. Trading grew choppy after that, with BTC largely oscillating between $77,000 and $78,500 despite further weekend developments related to the conflict.
Bulls reemerged on Monday morning and briefly pushed Bitcoin back to roughly $79,500 before the price faced resistance and was rejected at that level. In the hours that followed, BTC slipped first to about $77,500 and then to near $76,500.
Yesterday, sellers stepped in again, driving the price down to a multi-day low around $75,600 despite statements from former US leadership suggesting Iran was weakening. Bitcoin has since climbed back above $77,000, but many analysts expect increased volatility following today’s FOMC announcement and believe the event could trigger another corrective move.
At the time of writing, Bitcoin’s market capitalization sits close to $1.55 trillion on CoinGecko, and its dominance over altcoins has fallen to roughly 58%.
Altcoins Turn Green
Ethereum has gained nearly 2% over the past 24 hours and remains comfortably above $2,300. Other major tokens including XRP, BNB, SOL, TRX, ADA, BCH, and XMR show small gains. Dogecoin stands out with a move of more than 7%, trading above $0.105 at the time of publication.
Smaller-cap projects such as PUMP, ASTER, TAO, and Pi Network’s PI token also posted gains. PI in particular climbed over 15% during the last week and reached an intraday monthly high near $0.20 before pulling back. Some market commentators pointed to this rebound when offering bullish price forecasts for PI, though those projections vary widely among analysts.
The total cryptocurrency market capitalization has risen by roughly $50 billion from yesterday’s low and is now above $2.67 trillion on CoinGecko.
