Cryptocurrency Markets

Bitcoin’s price took a sharp turn for the worse yesterday when it was rejected at $113,000 and pushed south by over two grand. However, the bulls are making a return as of press time.

Most of the larger-cap alts are quite sluggish on a daily scale, but many of the mid and lower caps are exploding.

BTC Eyes $113K (Again)

The primary cryptocurrency has endured enhanced selling pressure around the $113,000 mark for the past several days. Recall that the asset surged to and just over that level last Friday, after the release of the latest US jobs report. However, it was rejected immediately and driven south by over three grand in less than an hour.

After a few days of consolidating around the $110,500 level, the bulls went on the offensive once again on Monday and especially on Tuesday, pushing bitcoin to $113,200. The scenario repeated once again, as the bears reemerged and didn’t allow a breakout.

In the following hours, the digital asset dropped to $110,800 (on Bitstamp) before the bulls came back to play. They initiated another leg up on Wednesday morning, which drove BTC to almost $113,000 as of press time.