Bitcoin Struggles to Break $63,000 But Holds $60,000 Support
Bitcoin faced resistance near the $63,000 mark and experienced a slight pullback. However, the leading cryptocurrency managed to stay above the crucial $60,000 support level following the retracement.
Altcoins Showing Sluggish Performance
While Bitcoin is holding steady, altcoins are not faring as well. Some of the major altcoins like XRP, Ethereum (ETH), and Solana (SOL) are trading in the red. On the other hand, TON has shown a commendable rise, recording a more than 4% increase. Here’s a breakdown of the latest developments:
-
BTC Dominance on the Rise
- Bitcoin faced a significant correction over the past weekend, dropping from $66,000 to below $60,000. The price continued to slide, hitting a low of under $50,000 on Monday before bouncing back.
- Despite the volatility, Bitcoin managed to recover and climbed back above $60,000. Currently, it is trading around $63,000 with a market cap of $1.2 trillion.
- Bitcoin’s dominance over other cryptocurrencies, as measured by CoinGecko, has reached 54%, the highest level since April 2021.
- TON Rises, XRP Declines
- Several large-cap altcoins experienced minor retracements, with Ethereum dropping by over 1% but still holding above $2,600.
- Solana and Ripple saw declines of 2-3% to reach $155 and $0.58, respectively. Other altcoins like DOGE, AVAX, SHIB, and ADA also showed slight losses.
- However, TON stood out with a gain of more than 4%, trading at over $6.7. Meanwhile, CRO saw the most significant increase among mid-cap altcoins, surging by more than 9%.
- The total cryptocurrency market cap also retraced slightly, currently standing at $2.217 trillion according to CG data.
Market Sentiment and Outlook
While Bitcoin remains at a crucial juncture, with $60,000 acting as a strong support level, the overall market sentiment is mixed. Investors are closely monitoring Bitcoin’s price action to gauge the next potential move. With altcoins showing varied performances, here are some key factors to consider:
- Bitcoin’s price stability around $60,000 despite facing resistance near $63,000
- Altcoins experiencing mixed movements, with some showing gains while others are in the red
- Overall market cap slightly retracing but still holding above $2 trillion
- Bitcoin’s dominance increasing to 54%, indicating a preference for the leading digital asset
- Continued volatility in the market as traders navigate uncertain price movements
Hot Take: What’s Next for Bitcoin and Altcoins?
As the cryptocurrency market navigates through a period of volatility and price adjustments, it’s essential for investors to stay updated on the latest developments. While Bitcoin struggles to break past key resistance levels, altcoins are showing varying degrees of performance. Keep a close watch on market trends and price actions to make informed decisions.
Sources:
By
By
By
By
By