Bitcoin Struggles to Reach $35K
The price of Bitcoin is attempting to break through the $35K level but has faced difficulty in doing so. While other cryptocurrencies are consolidating, some altcoins are performing better than others.
Will $35K Slip Away?
Yesterday, Bitcoin was trading above $34K and appeared to be on its way to reaching $35K. However, today the price remains above $34K but has not yet reached the desired resistance level. In the past 24 hours, it has experienced a loss of approximately 0.7%.
Monitoring liquidation data is also interesting. According to CoinGlass, nearly $100 million in liquidations occurred in the past 24 hours, with long positions accounting for 63% of the total. This suggests that bears have been more dominant during this period. The majority of liquidations occurred on Binance, followed by OKX and Bybit.
Mixed Signals for Altcoins, XRP Leads
Many altcoins have received mixed signals over the past 24 hours. Ripple’s XRP is one of the top-performing cryptocurrencies within the top 10. It has increased by approximately 2.6% throughout the day and is striving to reach $0.6.
Solana (SOL) is also outperforming other altcoins, experiencing a 4.3% increase for the day.
It’s important to note that Bitcoin’s dominance has fallen below 51% today. This metric is used by traders to assess its share relative to the rest of the market. The decline suggests that altcoins have been performing better than Bitcoin over the past 24 hours.
Hot Take: Altcoins Show Strength as Bitcoin Struggles
While Bitcoin is attempting to reach the $35K level, it has faced resistance and struggled to make significant progress. On the other hand, altcoins have shown strength with some outperforming Bitcoin in terms of price movements. Ripple’s XRP and Solana (SOL) are among the altcoins that have performed well, experiencing positive gains throughout the day. As Bitcoin’s dominance decreases, it indicates a potential shift in market sentiment towards altcoins. Traders will be closely watching these developments to determine whether this trend continues and if altcoins can maintain their momentum.
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