Bitcoin Struggles to Break $52K Resistance
Despite attempting to break the $52,000 level, Bitcoin faced resistance and was pushed back. This led to a decline in altcoins as well, with LINK, UNI, and ICP being the most affected.
BTC Fails at $52K
In the past few weeks, Bitcoin experienced significant growth and reached a new multi-year high of $53,000. However, it has been trading within a tighter range of $51,000 to $52,000 recently.
Yesterday, there was an attempt to surpass the $52,000 resistance level, but the bears quickly intervened and pushed the price down by $1,000. This resulted in liquidations worth $125 million in just one day.
Currently, Bitcoin is struggling to stay above $51,000. Its market capitalization has decreased to $1 trillion, and its dominance over other cryptocurrencies has dropped by 1% to 49% on CG.
Alts See Red
While many altcoins experienced significant gains yesterday, the situation has changed today. Ethereum reached as high as $3,000 but has since declined by 2.5% to $2,930.
Ripple, Cardano, Dogecoin, Binance Coin, Polkadot, and Toncoin have also seen similar percentage declines.
Solana is on the verge of falling below $100 after a 4% daily drop. Chainlink, Uniswap, and IC have each decreased by around 5% to $18, $7.1, and $12 respectively.
Filecoin is one of the few exceptions with a surge of over 6% in the past 24 hours.
The total crypto market cap has experienced a decline of over $30 billion overnight and is now at $2.040 trillion on CG.
Hot Take: Crypto Market Faces Resistance, Bitcoin Struggles to Gain Momentum
The crypto market is currently facing resistance as Bitcoin fails to break the $52,000 level. This has resulted in a decline in altcoins as well, causing significant losses for investors.
If Bitcoin continues to struggle and remains below $51,000, it could indicate further bearish sentiment in the market. However, if it manages to regain momentum and surpass the $52,000 resistance, we may see a renewed bullish trend.
It’s important for crypto enthusiasts like you to closely monitor these developments and adjust your investment strategies accordingly. Stay informed and be prepared for potential market fluctuations.
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