ZEC Jumps 13% in 24 Hours as Bitcoin Reclaims $83K

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The other notable gainers today include NEAR, PYTH, ENA, KAS, and more.

Bitcoin’s price reacted well to the recent macro pressure and rebounded from the $81,000 range to over $83,000 as of now, charting a weekly high.

The larger-cap alts have followed suit with notable recovery sessions today, including ETH’s 3.4% rise to over $2,450 and XRP’s strong rebound to $1.35.

BTC Back Above $83K
Bitcoin’s troubles intensified precisely a week ago when the US CPI numbers came out and showed inflation was still persistent and slightly higher than expected. A day later, the PPI reading confirmed this, and BTC nosedived once again. In total, the asset fell from over $84,000 to a monthly low of just under $80,000 all within 24 hours or so.

The bulls finally intervened at this point and didn’t allow another leg down. Instead, BTC bounced off to $82,500, where it stood for a day, before its breakout attempt was halted at $83,000 and it slipped to under $81,000.

The weekend was rather weird, including a $1,000 flash crash on Saturday evening. Another dip followed to $80,750 before the asset finally showed some strength and surged to $83,000 on Monday despite expectations for a Black Monday crash. However, this was a short-term relief rally, and BTC quickly dipped toward $81,000 on Tuesday.

Another major rebound took place in the evening, taking bitcoin to $83,000. Earlier today, the asset climbed above that level and tapped $83,600 for the first time since last Wednesday’s pullback began. Although it was stopped there for now, it still trades above $83,000.

Its market cap has recovered to $1.670 trillion, while its dominance over the alts is shaky at 60% on CMC.

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