Recent posts made on social media, the news stream, and elsewhere have given meaningful upticks to select cryptocurrencies so far this week. Unlike gains over the last month that have raised the prices of every coin in the top 100 by market cap, gains this week were more modest and related to specific developments in the space. 

Alt Coin Season Is Here

Bitcoin continues to break ground and break records, oscillating around Friday's historic close of $91,070. The original cryptocurrencies resilience above $85,000 over the past six days paints a picture of strength, particularly following the November 11th surge that saw prices rocket $8,345 higher (10.38%).

Bitcoin has officially entered the parabolic stage of its current four-year cycle with the election of Donald Trump. Trump made some astonishing campaign promises at the 2024 Bitcoin Conference that was held in May.

* Create a national Bitcoin reserve using seized BTC instead of auctioning it

* Oppose the development of a US Central Bank Digital Currency (CBDC)

Bitcoin experienced a notable decline today, dropping over 3% as it struggles to maintain the $70,000 level. As of 4:40 PM Eastern Time, the cryptocurrency was trading at $70,099. However, this psychological price point's significance may be overstated when considering Bitcoin's broader trajectory and market sentiment.

Yesterday Bitcoin broke above the descending trend line that has been effective resistance since March.

Bitcoin (BTC) has demonstrated remarkable strength this week, surging from $62,850 on Monday to its current price of $68,373, representing an impressive 8.60% gain. This upward momentum has brought the leading cryptocurrency to a critical juncture, challenging the most significant resistance level standing between it and new all-time highs.

Bitcoin has been on the rise, but since the start of this week has been met with stiff resistance in the area around $65,000. At the time of writing (7:20 PM EST) Bitcoin is flirting with $65k currently at $64,949 after trading as high as $65,851 before giving back and retreating right to the area of resistance for the past few weeks. 

Bitcoin meets resistance at $65,000 after rallying 22.31% ($11,722) in just eighteen days, an impressive feat for an asset that is still inside a bearish trend.

In recent days, Bitcoin has experienced a notable surge, driven by growing optimism surrounding potential interest rate cuts. According to the CME's FedWatch tool, the odds of a substantial 50-basis point reduction in the Federal funds rate have surpassed those of a more conservative 25-basis point cut over the past two days.