Bitcoin Fails to Break $43K Resistance
Bitcoin made an attempt to surpass the $43,000 level but was unable to sustain the momentum and has retreated back to around $42,000. While most altcoins are experiencing slight losses, Shiba Inu and Internet Computer have seen notable gains.
BTC Returns to $42K After Volatile Week
Last Saturday, bitcoin reached a 19-month high before starting to retrace slowly on Sunday. On Monday, it experienced a significant drop of $3,000, bringing it just under $41,000. The following day, bitcoin dropped again to a weekly low of $40,200.
The bulls managed to reverse the trend and pushed bitcoin up to $43,000. Despite the US CPI data and Ledger vulnerabilities causing some volatility, bitcoin quickly recovered most of its losses after the wallet company announced a fix for its issues.
Although bitcoin reached a local peak of $42,750 on Friday and Saturday, it was unable to climb higher. Currently, it is trading just below $42,000 with a market cap below $820 billion. Bitcoin’s dominance over altcoins has slightly increased to 51.7% on CoinMarketCap.
BONK and ICP Gain Momentum
The past week saw the rise of the meme coin BONK, based on Solana. It experienced massive gains, reaching over 100% daily and more than 1,200% weekly, setting a new all-time high. This surge also boosted SOL’s price. However, SOL has retraced during the weekend and is now trading at just over $70.
Another top gainer is ICP, which has increased by 15% in the past 24 hours and over 80% in the past week. ICP’s price now exceeds $10.
Shiba Inu has seen a 9% jump in the past 24 hours. On the other hand, larger-cap altcoins such as ETH, BNB, Cardano, and Chainlink have experienced losses.
The total crypto market cap has decreased by $20 billion since yesterday and is currently at $1.580 trillion.
Hot Take: Bitcoin Struggles to Break Resistance
Bitcoin’s recent attempt to break through the $43,000 resistance level has been unsuccessful, resulting in a retreat back to around $42,000. While altcoins are experiencing mixed performance, with some recording gains and others facing losses, bitcoin’s dominance over the market has slightly increased. The past week has seen the emergence of meme coin BONK and the rise of ICP, both of which have seen significant gains. However, bitcoin’s volatility remains evident as it navigates various challenges and attempts to establish a clear direction.
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