Bitcoin finally managed to break past $65k mark and move closer to its all time high price strengthening the bullish momentum that has helped fuel its recovery over the past week.
The altcoin market responded in kind as most of top 99 cryptocurrencies were on an upward trajectory as of September 27. Memecoins benefited the most from the bullish sentiment but only SHIB made it to the top three, leading weekly gains alongside W and SEI.
This week was a volatile one for BTC as bulls repeatedly attempted to breach the psychological resistance at $65,000. The feat was finally achieved on September 26 with Bitcoin shooting past this level for the first time since August.
At the time of writing, Bitcoin had traded within the $62,340.32 – $66,000 range and was making its way towards a higher weekly high.
The flagship cryptocurrency got a boost as global markets reacted to events in China, where the People’s Bank of China announced a massive $140 billion stimulus package while also lowering the reserve requirement ratio by 50 basis points in a bid to strengthen China’s economy.
Institutional players were also particularly active this week with over $610 million flowing into the US spot Bitcoin ETFs.
One analyst on X observed that Bitcoin’s recent price action was shaping up like a textbook “cup and handle” pattern on the weekly chart, which is often seen as a bullish indicator for potential upside.
Based on the chart shared by the analyst Bitcoin had already completed the large “cup” portion—a long period of accumulation followed by a steady rise.
Now, Bitcoin is in the “handle” phase, which is a smaller, short-term consolidation that usually happens before a major breakout.
He noted that If Bitcoin can hold above the $65,545 level and break out of the handle, it could surge toward a higher target of $72,969, with even loftier goals like $127,980 in the longer term.
However, the analyst also warned that if Bitcoin dips below $56,681 on a weekly close, the bullish outlook might fade, and the setup would be invalidated.
At press time Bitcoin was hovering just over the $66,000 mark and the overall cryptocurrency market had shot up 1.36% in the last 24 hours to $2.43 Trillion.
Top Gainers
Shiba Inu
Shiba Inu (SHIB) was the top performer among the largest 100 cryptocurrencies on September 27.
The memecoin had risen 23.7% over the past day and 47.6% over the last 7 days as its market cap shot above $12.4 billion, its highest level since June.
Source: Coinmarketcap
SHIB’s price rally came as its burn rate surged by an astounding 33,818% earlier in the day, resulting in over 1.88 billion SHIB tokens being burned.
This marked the highest single-day burn recorded this quarter.
The community sentiment regarding SHIB was very bullish with the majority of traders expecting the rally to continue supported by expectations of a forthcoming bull season led by Bitcoin.
Wormhole
Wormhole (W) was up over 36% over the last 7 days taking in the second spot on the list as its price stood at a 2-month high of $0.3223.
The multi-chain token’s market cap rose to $831 million.
Source: Coinmarketcap
The upward momentum in W comes as Securitize has selected Wormhole as its official interoperability provider for both existing and future tokenized assets.
The collaboration will enable seamless transfers of tokenized assets between various blockchain networks, improving liquidity and accessibility for users across different blockchain ecosystems.
Another factor supporting the rally was the expansion of The Sky ecosystem, previously MakerDAO, which announced plans to deploy its SKY, USDS, and sUSDS tokens across multiple blockchains using Wormhole’s NTT framework.
Sei
SEI took the third spot on list having risen over 31% in the past week, although the token was down a little over 7% in the past 24 hours when writing.
Starting the week near the $0.34 mark the layer-1 token’s price has since posted a weekly high of $0.49.
Source: Coinmarketcap
The altcoin has benefited from a recent partnership with the Web3 pet-themed simulation game MemePet, driving increased attention toward its ecosystem.
Additionally, Sei recently integrated with XION, utilizing Chain Abstraction technology to enhance cross-chain interoperability, making it easier for developers and users to interact seamlessly across multiple blockchains.
Another notable development this week was Sei’s integration with PlayToEarn, a Web3 games data aggregator.
Furthermore, Vortex, an algorithmic market maker, joined the Sei Liquidity Alliance, a move expected to significantly boost liquidity and strengthen the strategic capabilities of the Sei ecosystem
These developments have helped the altcoin end the week with double digit gains.
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