BTC Rejected Again After Hitting 13-Month High
After reaching a new 13-month high of almost $32,000, bitcoin has once again been rejected and even dropped below $30,000. Most altcoins are also experiencing losses today, except for DOGE, SHIB, OP, and a few others.
Main Breakdowns:
– BTC traded sideways between $30,000 and $31,000 until Thursday evening.
– Judge Torres ruled in favor of Ripple in the legal battle with the SEC.
– BTC spiked to just under $31,900, its highest price in over a year.
– Bitcoin quickly retraced and dropped below $30,000.
– BTC is currently 3% down on the day, with a market capitalization of $590 billion.
Bitcoin’s price surge was short-lived as it couldn’t maintain its momentum. The market decline is a reminder of the volatility in the crypto space. It remains to be seen how bitcoin and altcoins will perform in the coming days.
Hot Take:
Bitcoin’s rejection at the $32,000 level indicates that there is still resistance in the market. The legal victory for Ripple has had a short-term positive impact on BTC’s price, but the overall market sentiment remains uncertain. It will be interesting to see if bitcoin can regain its upward momentum or if further downside is in store.
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