Bitcoin Failed to Break $69K Resistance
After days of stagnation and losses, Bitcoin finally made a move yesterday, breaking above the $69,000 mark. However, the attempt was short-lived as the leading cryptocurrency faced strong resistance at that level.
- Altcoins such as TON, XRP, and BCH managed to post modest gains in the past 24 hours.
Bitcoin’s Struggle at $69K
The price action of Bitcoin this week has been challenging, starting with a sharp decline from over $70,000 to under $66,000 on Monday. Subsequently, the bears pushed the digital asset even lower to a 10-day low of around $64,500 on Tuesday and Wednesday.
- Despite these setbacks, Bitcoin managed to initiate a slow recovery on Thursday morning, reclaiming some lost ground.
- However, despite briefly surpassing $69,000, BTC faced a strong rejection and slipped back by about three thousand dollars, currently hovering above $67,000.
Altcoins in the Red, WIF Takes a Hit
Most of the major altcoins are trading in the red today, with Solana leading the decline with a significant 6% drop to $173. Other notable losers include DOGE, AVAX, and LINK, seeing declines of 3-4%.
- ETH, BNB, ADA, and DOT are also experiencing minor losses, while BCH, TON, and XRP are among the few gaining assets, up by 1-2%.
- WIF, on the other hand, has plummeted by 15% in the last 24 hours, with the meme coin’s price dropping to $3.3.
Total Crypto Market Cap Sees Growth
Despite the struggles of individual cryptocurrencies, the overall crypto market cap has managed to increase by approximately $10 billion, reaching $1.635 trillion on CG.
Hot Take: Market Volatility Persists
As Bitcoin continues to face resistance at the $69,000 level and altcoins struggle to find momentum, market volatility remains a key theme in the crypto space. Despite minor gains in select assets, the overall sentiment is cautious as traders monitor price movements closely. Stay tuned for further updates as the market continues to navigate through uncertainties and challenges.
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