Bitcoin Fails to Sustain $53K Breakout
Bitcoin experienced a significant surge yesterday, reaching $53,000 for the first time in over two years. However, the digital currency faced a strong rejection at this level and saw a sharp decline in its price.
Bitcoin has been on a remarkable upward trend recently, climbing from under $40,000 to over $50,000. The approval of spot Bitcoin ETFs in the US has attracted substantial investment, contributing to this surge.
Although Bitcoin made multiple attempts to surpass $52,000 recently, it couldn’t maintain the momentum to reach $53,000 until yesterday. The bulls pushed the price higher, marking a new high since late 2021. Unfortunately, the bears quickly intervened and caused Bitcoin to plummet by more than $2,000 within an hour.
Currently, Bitcoin is struggling to recover from its losses and is trading slightly above $51,000. The increased volatility has led to approximately $300 million in liquidations within the past 24 hours.
The altcoin market also experienced retracements following Bitcoin’s rejection. Ethereum briefly surpassed $3,000 but has since dropped to around $2,900. Other major altcoins such as Cardano (-5%), SOL, AVA, DOT, LINK, TON, ICP, APT, NEAR also recorded losses.
The total crypto market cap has slightly decreased and currently stands at around $2.050 trillion.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.