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

Deepika IyerAugust 15, 20262 min read

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%.

LINK Tries to Break Out

Analysts have been quite optimistic about LINK’s future lately, often predicting massive rallies. The first breakout attempt has taken place as the asset is up by over 5% daily and has reclaimed the $9 support. WLFI is the only other notable gainer from the larger caps, while UNI has dumped by 5%.

In contrast, XRP, SOL, TRX, HYPE, and RAIN are slightly in the red, while ETH, BNB, and DOGE have marked insignificant gains.

VELVET has entered the top 100 alts. It has soared by 25% daily and by roughly 150% in the past week. ETHFI follows suit, surging by 12% daily. OKB completes the top 3 price gainer club with a 6.5% jump.

The total crypto market cap is down to under $2.230 trillion on CG.