After roughly a week of gains and multiple all-time highs, the Bitcoin rally has cooled down. The asset faced double rejection at the $90,000 level, leading to a decline.
Altcoins Experience Even Sharper Corrections
As expected, more volatile altcoins faced even sharper corrections in the last 24 hours, resulting in financial losses for nearly 300,000 traders.
Bitcoin enjoyed an impressive week that started last Wednesday after Donald Trump’s win in the 2024 U.S. presidential election. The asset began rising before the official announcement, fueled by Trump’s significant lead.
On Wednesday, Bitcoin broke its March high of $73,737 and continued climbing. Over the weekend, it crossed the $80,000 mark and gained another eight thousand on Monday. The bullish momentum pushed the cryptocurrency several times to $90,000 yesterday, but subsequent rejections brought it back below $87,000.
Altcoins Suffer Even Greater Losses
Dogecoin, which led this massive rally, dropped by 10% to below $0.37 after peaking at $0.44 yesterday.
Cardano, which benefited from a recent announcement by Charles Hoskinson, lost 10.5%, falling to $0.53.
Shiba Inu took the hardest hit among high-cap altcoins, experiencing a 17% drop and losing its 10th position on the market to TRX. SHIB is currently holding just above the $0.000024 level.
Liquidations and Impact on Traders
This intense volatility negatively affected over-leveraged long traders. In the past 24 hours, approximately 280,000 trading positions were liquidated, totaling over $900 million in losses, with most of the impact on long positions.
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