Bitcoin’s Struggle to Maintain $31,000 Level
- Bitcoin experienced a volatile trading day, dropping to a 10-day low of $29,500 before recovering to the $30,000 line.
- A report suggesting the US SEC’s negative view on recent spot Bitcoin ETF filings caused the initial drop.
- Bitcoin made several attempts to surpass the $31,000 level but failed, currently sitting just below it.
- Market cap dipped below $600 billion, while dominance over altcoins remains at 49.6%.
- Most altcoins are slightly in the red on a daily scale, but weekly charts show positive trends for assets like COMP, MKR, and AAVE.
Bitcoin’s recent rally above $31,000 was short-lived as the asset retraced to just under that level. The US SEC’s negative stance on spot Bitcoin ETF filings initially caused a drop, but the bulls intercepted the move and prevented further decline. Bitcoin made multiple attempts to surpass $31,000, but it currently sits just below that level. Its market cap has dipped below $600 billion, while maintaining a dominance of 49.6% over altcoins. On the other hand, assets like COMP, MKR, and AAVE show positive trends on weekly charts. The cryptocurrency market remains volatile, and Bitcoin’s next moves will be crucial in determining its short-term direction.
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