Bitcoin is currently battling against a persistent trend of sell pressure that typically occurs during U.S. trading hours. On Friday, the leading cryptocurrency fought to break through a resistance level that has capped its movements throughout the week, holding steady around $88,400, which reflects a modest increase of 0.3% over the past 24 hours.
Late Thursday, Bitcoin dipped below $85,000 but managed to recover after U.S. markets closed, rising back above $89,000 at the start of Friday. However, attempts to sustain momentum at this price level have been met with swift selling, often pushing the price back to earlier levels within short timeframes. The volatility observed this week has been a hallmark of the trading environment as traders prepare for the upcoming holiday weekend.
In addition to Bitcoin, Ether also showed resilience, climbing just shy of $3,000 with a 1% increase over the last day. The altcoin market saw notable rebounds with Solana and SUI leading the charge. As U.S. equities are experiencing a solid session, reflected by a 1% gain in the Nasdaq, stocks related to digital assets also followed suit.
Companies such as BitMine (BMNR), which focuses on Ethereum treasury investments, surged nearly 8%. Other notable movements include Galaxy Digital (GLXY) and stablecoin issuer Circle (CRCL), each gaining approximately 3%. Notably, MicroStrategy (MSTR), recognized as the largest corporate holder of Bitcoin, saw its shares bounce more than 3%, pushing its multiple to net asset value (mNAV) to 1.09.
On the other hand, BitDigital (BTBT) soared by 10% following news of a significant agreement with WhiteFibre (WYFI), which has signed a 10-year, 40MW colocation deal with Nscale valued at around $865 million. This partnership has amplified the positive impact on BTBT shares, as BitDigital holds a substantial stake in WhiteFibre.
As the Bitcoin market navigates these fluctuations, traders and investors remain attentive to broader market trends and the potential for breaking free from the constraints of U.S. trading hour selloffs.
