Bitcoin faced resistance near $74,000 last week, triggering an 8.9% pullback and significant volatility across altcoins. The exchange-linked token OKB surged after Intercontinental Exchange invested in OKX, while Cardano faced criticism for low on-chain activity and posted losses. Analysts suggest the market awaits Bitcoin’s next move near the $63,000-$65,000 demand zone to set the trend.
Bitcoin challenged the $74,000 resistance but failed to break above it, leading to an 8.9% retracement from local highs. This short-term volatility triggered sharp moves across several medium-cap altcoins.
The token OKB rallied from $77 to $120 after Intercontinental Exchange, parent company of the New York Stock Exchange, acquired a minority stake in the OKX exchange. The Pi Network token also saw a firm bullish breakout, breaching key resistance levels.
Other notable gainers included Memecore [M] and Mantle [MNT], which posted weekly gains. In contrast, Cardano [ADA] shed 9.61% amid renewed criticism of its low activity.
Popular analyst Ali Martinez drew attention to the chain’s low activity, observing that the chain’s Total Value Locked has never exceeded $1 billion. For reference, industry leader Ethereum boasted a $54.67 billion TVL.
World Liberty Financial [WLFI] fell 14%, with reports indicating a potential 25% drop if key support failed. ZCash [ZEC] was down 10.4%, while Solana [SOL] tested but could not break through a key supply zone.
Bitcoin was falling toward the $63,000-$65,000 demand zone, where a previous bullish impulse originated. The retracement and a subsequent reaction could give certain altcoins a push to climb higher.
