Bitcoin Rejected at $87K Despite Soft PCE and Jobs Data as QNT, NIGHT Explode: Weekly Crypto Recap

The cryptocurrency market has a few new rockstars, led by Quant's QNT this week. It was another major week for the crypto market, which ended with what was supposed to be good news for risk-on assets, but it hasn’t delivered the expected outcome for now. First, let’s explore what happened at the end of the previous business week when BTC tried to take down the $85,000 resistance but was halted in its tracks. The subsequent rejection drove it south by two grand within minutes. Nevertheless, the asset recovered some ground over the weekend and challenged the same resistance on Monday morning. However, the scenario repeated. This time, though, the bears were even more persistent and managed to drive BTC south hard to well below the $83,000 support. That level, which served as the lower boundary of the well-defined weekly trading range, was tested on several occasions within a few days, but managed to hold. Then came Wednesday’s PCE release, which was much better than expected. BTC first surged by over two grand to $85,600, before it was violently rejected and pushed south to its starting point. All within minutes. Thursday and Friday were more positive. Bitcoin started to climb gradua...