Bitcoin's price action this week saw a surge to nearly $79,000 on Friday after reports emerged of a peace proposal from Iran to the US, but retraced slightly and stabilized around $78,000 after the US President deemed the proposal insufficient. The week began with Bitcoin trading sideways near $77,000 before jumping to $79,500 for the second time in the past week. However, bears quickly intervened, pushing it down to a weekly low of $75,000 after the US Federal Reserve kept interest rates unchanged for the third consecutive time in 2026. Bitcoin bounced back to $76,500 on Thursday and up to almost $79,000 yesterday before settling above $78,000. Its market capitalization stands at $1.570 trillion, with dominance over altcoins above 58%.
Most altcoins posted minor gains over the past 24 hours. Ethereum rose 1% to $2,300, while XRP remained below $1.40. Hyperliquid (HYPE) gained 3% to nearly $42, becoming the top performer among the largest 15 altcoins. However, Zcash (ZEC) stole the show from the top 100 altcoins, surging almost 8% to $380. HASH and SIREN followed with gains of around 6% each, and TAO rose 5% to $273. TRX and BCH posted minor gains, while BNB and LINK were slightly in the red. The total crypto market capitalization remained relatively stable at $2.680 trillion.
Market sentiment indicators present a cautious outlook. The Fear and Greed Index stands at 26, signaling fear despite Bitcoin holding a constructive structure. Bitcoin has recorded 17 green days in the past month but remains down 19% over the past year and trades below its 200-day moving average. On-chain data shows treasury company participation rebounding from earlier capitulation levels, which has supported price moves in previous cycles. However, analysts note that recent gains are driven more by futures demand than spot buying, increasing the risk of volatility.
US spot Bitcoin ETFs have seen nearly $1.9 billion in inflows, providing institutional support. Altcoin performance remains uneven, with XRP, TRON, and Hyperliquid posting gains of up to 2.83%, while BNB, Solana, Dogecoin, and Cardano declined by as much as 1.37%. Riya Sehgal, Research Analyst at Delta Exchange, described sentiment as neutral, suggesting market conditions indicate recovery rather than strong bullish conviction.
