Chainlink (LINK) Is Breaking Out, Bitcoin (BTC) Sluggish at $63K: Weekend Watch

Bitcoin’s week-long correction drove the asset to a new local low of $62,500, where it finally found some support and now sits at around $63,000.

Most larger-cap alts have experienced little to no volatility on a 24-hour scale, aside from LINK and WLFI, both of which are up by over 5%.

BTC Calms at $63K

After a very stagnant previous weekend, bitcoin tried to break out on Monday morning, but it was immediately halted at $65,400. This was the second rejection at that level in the past three days. However, this one was more violent as BTC dipped to $62,800 within hours.

It tried to bounce off twice, but it was stopped at $64,400. Each subsequent leg down was more painful than the previous. The bears took complete control of the market by mid-week, and the selling pressure intensified in the following days. The culmination took place on Friday when BTC slumped to $62,500 for the first time in 10-11 days.

It finally bounced off in the following hour, but it was stopped at $63,200 and now struggles at $63,000. Its market capitalization has stalled at $1.260 trillion on CG, while its dominance over the alts, which peaked at 57.3% earlier this week, is now down to under 57%.

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