Bitcoin Drops Rapidly After Reaching $70,000

Bitcoin Price Fluctuations and the Impact on PEPE Coin

Bitcoin's initial surge to $70,000 was followed by a rapid decline to $66,700 on Monday, triggering a market pullback. BTC's supply pressure at $70,000 has hindered the recovery of altcoins, including PEPE Coin.

PEPE Coin's Market Performance

Despite the market volatility, PEPE Coin has maintained relative stability over the past two weeks. Daily price movements have been characterized by alternating green and red candles, indicating uncertainty among traders.

However, charts suggest that this consolidation may be an accumulation phase prior to the completion of an inverse head and shoulders pattern. At the time of writing, PEPE Coin is ranked 22nd by market capitalization, valued at $4.83 billion. Buyers are supporting its price at $0.0000116.

Potential Price Breakout

A breakout above the resistance level at the neckline could trigger buying pressure, leading PEPE Coin to return to an upward trend. Technical analysis indicates a potential rise to a new peak of $0.000018 following the breakout, representing a 40% increase.

Investor Sentiment and Profitability

PEPE Coin's Global In/Out of the Money (GIOM) metric suggests a positive outlook. Currently, 77% of addresses transacting in PEPE Coin are profitable, while only 11% are at a loss. This indicates that investors are comfortable with their positions.

The GIOM chart also shows that 35,230 addresses purchased 56.5 trillion PEPE between $0.0000110 and $0.0000130 and are currently at breakeven. A breakout could potentially turn these addresses profitable. However, resistance levels remain between PEPE and its all-time high (ATH).