Bitcoin and Ethereum retreated on Thursday after both cryptocurrencies rallied sharply following softer than expected U.S. inflation data earlier in the week.
While Bitcoin slipped back to the $64,000 level after briefly topping $65,500, Ethereum also pulled back after reaching its highest price since early June. Meanwhile, ONDO emerged as the day’s best performing major altcoin, while Pi Network’s PI continued its downward slide.
Bitcoin Gives Back Part of Its Rally
Bitcoin traded steadily around $64,000 over the weekend after a volatile stretch that saw the asset repeatedly fall below $62,000. Selling pressure intensified following Strategy’s latest Bitcoin sale and renewed geopolitical tensions in the Middle East.
The market weakened further on Monday as investors reacted to fresh military strikes involving the United States and Iran, sending Bitcoin below $62,000 by Tuesday.
Sentiment improved after June’s Consumer Price Index came in lower than expected, fueling a sharp recovery. Bitcoin reclaimed both the $64,000 and $65,000 levels before reaching an intraday high of approximately $65,600, its strongest price in nearly three weeks.
The rally, however, lost momentum as profit taking emerged, pushing BTC back to around $64,000.
Bitcoin’s market capitalization now stands at roughly $1.285 trillion, while its dominance of the overall crypto market remains steady at 56.7%.
Ethereum Retreats After Leading the Rally
Ethereum outperformed most major cryptocurrencies during the rally, climbing to nearly $1,950 for the first time in six weeks before encountering resistance.
The asset has since pulled back below the $1,900 mark as buyers paused after the strong advance.
Elsewhere among the large cap cryptocurrencies, BNB posted modest gains to trade near $580, while XRP edged lower as it struggled to hold above the $1.10 level.
Several other major altcoins, including Solana, TRON, Hyperliquid, RAIN, Zcash, Core, Litecoin, and Cardano, also traded in negative territory. Bitcoin Cash and DeXe recorded some of the steepest losses among large cap assets.
ONDO stood out as the strongest performer of the session, surging 17% to around $0.37.
The broader cryptocurrency market also cooled, with total market capitalization falling by roughly $40 billion from its recent peak to approximately $2.27 trillion.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
