Bitcoin Fails at $27.5K as LDO and LTC Drop 6% Daily

Bitcoin Fails at $27.5K as LDO and LTC Drop 6% Daily

Bitcoin faces strong resistance at $27,500 and altcoins, including LTC and LDO, are also in the red as the crypto market suffers a decline of over $20 billion in a day.

Bitcoin (BTC) initiated an impressive leg up in the past 24 hours but was violently rejected at the $27,500 resistance level.

The crypto altcoins have likewise turned red on a daily scale, with LTC and LDO losing the most value from the top 36.

Bitcoin Stopped at $27.5K

As Glassnode notified recently, Bitcoin has been trading in a tight 3.4 percent range for over a week. In terms of  USD numbers, this essentially implies that the investment stands betwixt $26,500 and $27,500 without being able to break over or below these levels.

The analytics company warned that more enhanced volatility may be right around the corner, and the markets experienced a glimpse of this in the past 24 hours when Bitcoin (BTC) jumped from under $27,000 to a multi-day high of $27,500.

Altcoins Under $1 – These Will BLOW UP in The Crypto Bull Run

Nonetheless, the resistance line at this stage turned out to be as well big of an obstacle. Bitcoin failed to breach it, and the subsequent rejection drove it south by almost a grand. Regardless of recovering several  hundred dollars since the intraday low, the digital currency still struggles way below $27,000. This comes amid the growing number of reports suggesting that Bitcoin investors have focused on HODLing instead of trading their assets.

After the  most up-to-date price dump, bitcoin’s market capitalization has slipped under $520 billion.

LDO, LTC Fall Hard

Most alternative coins are in no better shape than Bitcoin on a daily scale. Ethereum (ETH), which spiked over $1,850 yesterday, is down below $1,820 after a 2 percent fall. A similar decrease for BNB implies that the investment has gone under $310.

Ripple, Cardano (ADA), Dogecoin (DOGE), Polygon, Solana (SOL) Tron, Polkadot (DOT), Shiba Inu (SHIB), and Avalanche (AVAX) are likewise in the red today. Even more daily falls come from Litecoin and Lido DAO – both assets have declined by 5-6%.

TONCOIN and LEO stand out as the only top 36 alts with minor daily gains.

In general, though, the cryptocurrency  market capitalization has suffered a decline of over $20 Billion in a day. As a result, the metric is down to $1.120 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


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