Bitcoin initiated an impressive leg up in the past 24 hours but was violently rejected at the $27,500 resistance level.
The altcoins have also turned red on a daily scale, with $LTC and $LDO losing the most value from the top 36.
$BTC Stopped at $27.5K
As Glassnode informed recently, $BTC has been trading in a tight 3.4% range for over a week. In terms of USD numbers, this essentially means that the asset stands between $26,500 and $27,500 without being able to break above or below these levels.
The analytics company warned that more enhanced volatility could be right around the corner, and the markets experienced a glimpse of this in the past 24 hours when bitcoin jumped from under $27,000 to a multi-day high of $27,500.
However, the resistance line at this point turned out to be too big of an obstacle. $BTC failed to breach it, and the subsequent rejection drove it south by almost a grand. Despite recovering a few hundred dollars since the intraday low, the cryptocurrency still struggles way below $27,000. This comes amid the growing number of reports suggesting that $BTC investors have focused on HODLing instead of trading their assets.
Following the most recent price dump, bitcoin’s market cap has slipped under $520 billion.
$LDO, $LTC Drop Hard
Most alternative coins are in no better shape than $BTC on a daily scale. Ethereum, which spiked above $1,850 yesterday, is down below $1,820 after a 2% drop. A similar decrease for BNB means that the asset has gone under $310.
Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu, and Avalanche are also in the red today. Even more daily drops come from Litecoin and Lido DAO – both assets have declined by 5-6%.
TONCOIN and LEO stand out as the only top 36 alts with minor daily gains.
Overall, though, the crypto market cap has suffered a decline of over $20 billion in a day. As such, the metric is down to $1.120 trillion.
coindesk.com
u.today
1
newsbtc.com