Bitcoin Struggles Below $61,000
Bitcoin’s price continues to face challenges as it failed to sustain above $61,000 and is now approaching the critical $60,000 support level. The market sentiment remains bearish as altcoins also experience a downturn, with popular tokens such as DOGE, ADA, SHIB, LINK, PEPE, and NEAR dropping by more than 3% in the last 24 hours.
Bitcoin’s Battle at $60K Support
Over the weekend, Bitcoin’s price hovered around $64,000 without much movement due to the lack of significant catalysts such as ETF approvals. However, the situation took a turn for the worse on Monday as bears exerted pressure on the market, causing BTC to plummet to $58,400, its lowest level in almost two months.
- The sudden drop prompted a swift response from bulls, pushing the price back above $60,000 momentarily.
- Bitcoin even spiked to $62,400 before retracing and settling below $61,000.
- The market cap dropped below $1.2 trillion, while Bitcoin’s dominance over altcoins fell to 50.6%.
DOT Falters Below $6 Mark
Aside from Bitcoin, other major altcoins like Binance Coin, Ripple, Solana, Tron, and Ethereum also experienced losses of around 1%. However, tokens like DOGE, ADA, LINK, SHIB, NEAR, and PEPE saw sharper declines, with some falling by over 3% in the same period.
- FET stands out as one of the biggest losers, plummeting by 11% to trade below $1.55.
- Only KAS managed to buck the trend, surging by 8% to $0.175.
Crypto Market Cap Shrinks
The overall cryptocurrency market capitalization witnessed a significant drop of over $30 billion overnight, currently standing at $2.365 trillion. The bearish sentiment across both Bitcoin and altcoins has led to increased volatility and uncertainty among investors.
Hot Take: Stay Cautious Amid Price Volatility
Given the current market conditions marked by Bitcoin’s struggle to maintain key support levels and the broader altcoin market showing signs of weakness, it is essential for traders and investors in the cryptocurrency space to exercise caution. Volatility remains high, and sudden price swings can lead to significant losses if proper risk management strategies are not in place.
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