Altcoins Continue to Decline as Bitcoin Holds Steady at $28K (Market Watch)

BTC Struggles to Break $29K

Bitcoin made an unsuccessful attempt to surpass the $29,000 level, resulting in a slight decline. However, the asset is still holding above $28,000.

Positive Start for BTC

At the beginning of the week, Bitcoin experienced a positive surge after a slow weekend. The asset saw a significant price increase later in the day due to false reports about the approval of a spot Bitcoin ETF by the US SEC. This led to a $2,000 surge and pushed Bitcoin to a two-month high of around $30,000. However, when the reports were debunked, BTC rapidly lost value and dropped back down to $28,000.

Despite attempts by bulls to drive up prices over the following days, Bitcoin failed to overcome the $29,000 level and has since experienced a decrease in value.

Alts Follow BTC’s Lead

Most alternative coins followed Bitcoin’s pump and dump pattern following the fake reports but are now trading in the red.

Ethereum reached nearly $1,700 but is struggling to stay above $1,550 with a 1.3% daily drop. Binance Coin also experienced a similar percentage decrease and is now at $210.

Ripple, Cardano, Toncoin, Polygon, Polkadot, Litecoin, Shiba Inu, and AVAX have all seen around a 2% decline in just one day.

However, LEO, UNI, and MNT have shown minor increases over the past 24 hours.

Total Crypto Market Cap Declines

The overall cryptocurrency market cap has lost some momentum and currently sits around $1.080 trillion on CMC.

Hot Take: Bitcoin Struggles to Break Resistance

Bitcoin’s recent attempts to break through the $29,000 level have been unsuccessful, resulting in a slight decline. Despite positive price movements earlier in the week, fueled by false reports of a spot Bitcoin ETF approval, the asset has been unable to maintain its gains. The altcoin market has also turned red, with most coins experiencing declines. While LEO, UNI, and MNT have shown minor increases, the overall cryptocurrency market cap has lost some steam. It remains to be seen whether Bitcoin can overcome this resistance and regain bullish momentum.