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Despite yesterday’s attempt to resume its bull run, bitcoin has failed to increase in value and has stalled beneath $35,000. Most alternative coins have also bled out, and the market capitalization has expanded the gap to the coveted $1 trillion mark.
Bitcoin Fails To Recover Completely
The primary cryptocurrency experienced its worst price drop on Monday since the liquidity crisis in mid-March 2020. Bitcoin fell by nearly $12,000 (or almost 30%) in a day to a low of just above $30,000.
Nevertheless, BTC bounced off immediately and recovered some of the losses during yesterday’s trading session. The asset reached an intraday high of over $36,500, but the bears intercepted the move and drove the price back down to $32,500 on two occasions.
Following a few more fluctuations, the cryptocurrency has increased slightly, but it still trades beneath $35,000 and is 4% down since yesterday.
From a technical viewpoint, BTC has to overcome the resistance lines at $36,360, $37,150, and $38,000 to head towards $40,000 once again. In contrast, the support levels at $34,000, $32,500, $32,000, and $30,000 could assist in case of another retracement.
In any case, these $1,000 moves that happen every few hours show that bitcoin’s price continues to be rather indecisive. The next few days will be very important to see whether or not the correction is over.
More Blood On The Altcoin Street
Most alternative coins mimicked BTC’s recent performance with a vigorous price drop on Monday and a brief recovery session yesterday. In the past 24 hours, though, they have lost considerable chunks of value as well.
Ethereum is 6% down since yesterday to $1,070. Ripple (-2%) trades beneath $0.30. Bitcoin Cash (-5%), Binance Coin (-3%), Chainlink (-6%), Cardano (-4%), Litecoin (-5%), and Stellar (-4%) are also in the red.
The only exception from the top ten is Polkadot. DOT has increased by 5% on a 24-hour scale and has neared $9.
Cryptocurrency Market Overview. Source: Quantify Crypto
Further losses are evident from Reserve Rights (-14%), Nano (-11%), Horizen (-11%), Neo (-11%), Dogecoin (-10%), Elrond (-10%), Decred (-10%), Maker (-10%), and Band Protocol (-10%).
The cumulative market capitalization of all cryptocurrency assets has fallen to $920 billion after a $60 billion decline in a day.
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