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.
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.