Bitcoin Faces Volatility, Altcoins in the Red
In the past 24 hours, Bitcoin witnessed heightened volatility, soaring to $70,200 before being swiftly rejected and pushed back down to $69,000. Meanwhile, the altcoin market struggled, with most coins seeing losses. Notable exceptions include KAS, which surged by 19% and is now trading near $0.18.
Bitcoin Struggles at $69K
Bitcoin closed the previous week with a mixed performance, attempting to break above $69,000 but facing resistance from bears. The subsequent pullback saw Bitcoin plummet to $66,600, marking a multi-day low. However, bulls quickly stepped in, preventing further decline and pushing the price back up to trade sideways around $67,500 over the weekend.
- Bitcoin faced resistance at $69,000
- The asset dropped to $66,600
- Bulls prevented further decline
- Price traded sideways around $67,500
On Monday, Bitcoin made a bullish move, reaching over $70,200 for the first time in a week. However, similar to previous attempts, the price was rejected, leading to a $2,000 pullback. As a result, Bitcoin is currently hovering around $69,000, with a market cap exceeding $1.360 trillion and dominance over altcoins at 50.4% on CoinGecko.
Meme Coins Retreat, KAS Surges
Most large-cap altcoins recorded losses today, with ETH dropping by 1.5% and nearing the $3,750 support level. Notable performers include TON, up 4.5% near $7, while meme coins like Shiba Inu, Avalanche, Chainlink, and NEAR experienced 3-5% declines. Pepe and WIF saw steeper losses of 7.5% and 5%, respectively. On the contrary, KAS skyrocketed by 18% and is now trading close to $0.18.
- ETH nears $3,750 support
- TON gains 4.5% near $7
- Shiba Inu, Avalanche, Chainlink, NEAR down 3-5%
- Pepe and WIF face steeper losses
The total cryptocurrency market cap experienced some retracement from yesterday’s levels but remains above $2.7 trillion on CoinGecko, showcasing the market’s overall stability despite the mixed performance of individual coins.
Hot Take: Market Volatility Persists
As Bitcoin grapples with volatility around the $69,000 level, altcoins face selling pressure, pushing the market into a state of uncertainty. While some coins like TON and KAS show resilience, others like Shiba Inu and Avalanche struggle. Investors should remain vigilant and closely monitor market developments to navigate the current landscape successfully.
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