What’s Happening in the Crypto Market?
As a crypto enthusiast, you are witnessing some interesting movements in the market this week. Bitcoin is struggling to break out of a tight range, while altcoins are turning red. Let’s dive deeper into the latest developments:
Bitcoin Faces Resistance
At the beginning of the week, Bitcoin made an impressive attempt to surpass the $70,000 mark. However, the bears quickly stepped in, causing the digital asset to drop by $4,000. This decline came just before the release of the US CPI data and the FOMC meeting.
- Bitcoin initially surged to $70,000 after the inflation data exceeded expectations.
- The Fed’s decision not to follow the ECB’s lead in reducing interest rates led to another drop.
- The cryptocurrency fell to a monthly low of $65,000 before staging a minor recovery.
- Bitcoin is currently hovering around $66,000, struggling to break above $67,000.
Altcoins in the Red Zone
Following Bitcoin’s lead, most large-cap altcoins have also turned red. While some have experienced minor declines, others have seen significant drops:
- ETH, BNB, and TON have dropped by less than 1%.
- DOGE, ADA, and LINK have declined by over 1%.
- DOT managed to hold the $6 support level.
- AVAX, SHIB, BCH, NEAR, UNI, and IMX have recorded losses, with IMX dropping by 7%.
- FET has suffered the most significant loss among large-cap altcoins, plummeting by 10%.
Despite some altcoins showing minimal gains, the total crypto market cap has shed over $30 billion in just one day.
Conclusion
As a crypto investor, these market movements present both challenges and opportunities. Keeping a close eye on Bitcoin’s struggle to break key resistance levels and the bearish trend in the altcoin space can help you make informed decisions. Stay tuned for more updates on the crypto market!
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