Bitcoin’s Price Struggles to Break $44K Resistance
Bitcoin experienced a volatile 24 hours, with its price attempting to surpass the $44K mark twice but failing both times. The chart below illustrates this.
The current pause in momentum suggests that the bulls are taking a break.
This has also affected the derivatives market, with Coinglass data revealing significant liquidations of long positions in the past hour, totaling nearly $14 million.
It remains to be seen whether this is the start of a larger correction or just a temporary dip.
Altcoins Follow Suit
The heatmap below demonstrates the ongoing market correction, with most leading altcoins retracing, although there are exceptions.
Despite the overall retrace, certain altcoins in the top 100 are performing exceptionally well. BitTorrent (BTT) surged by 100% yesterday and is still up 42% in the past 24 hours, making it the top performer. WEMIX follows closely behind with a 30% gain during the same period.
On the other hand, PYTH, the native cryptocurrency of Pyth Network, experienced a 14.3% loss in value within the same timeframe.
Hot Take: Bitcoin’s Price Faces Resistance at $44K
The past 24 hours have been marked by Bitcoin’s struggle to break through the $44K resistance level. Despite attempts, the cryptocurrency was unsuccessful and now faces a period of consolidation as bullish momentum wanes. This has also impacted the derivatives market, resulting in significant liquidations of long positions. It remains uncertain whether this signifies a larger correction or just a temporary dip. Additionally, altcoins have followed suit with most experiencing retracements, although some have managed to buck the trend and perform exceptionally well. BitTorrent (BTT) stands out as the top performer, surging by 100% in a day, while PYTH faced a notable loss. The market correction continues to unfold, and investors are closely monitoring the situation.
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