Bitcoin’s underwhelming price actions continue as the asset failed to maintain above $61,000 and has headed toward the coveted $60,000 support level.
The altcoins are in a similar state, with DOGE, ADA, SHIB, LINK, PEPE, NEAR, and others dropping by more than 3% in the past day alone.
BTC to Lose $60K?
The weekend went in a familiar fashion as BTC’s price had stalled at just over $64,000. The lack of any action on the ETF front resulted in little to no volatility on Saturday and Sunday.
The landscape changed for the worse on Monday when the bears stepped up on the gas pedal. In a matter of hours, they pushed the cryptocurrency south hard, and BTC slumped to $58,400 by Tuesday morning. This became its lowest price point in almost two months.
The bulls managed to intervene at this point and drove bitcoin to over $60,000 almost immediately. It even spiked to $62,400 during the day but failed to continue upward or even maintain its current position.
Since then. bitcoin has retraced by nearly two grand and now sits well below $61,000. Its market cap has dropped below $1.2 trillion once again, and its dominance over the alts has taken a hit to 50.6% on CG.
Bitcoin/Price/Chart 27.06.2024. Source: TradingView DOT Goes Away From $6
The larger-cap alts have also bled out in the past day. Binance Coin, Ripple, Solana, Tron, and Ethereum are among the least hit alts, having all dropped by around 1%.
However, DOGE, ADA, LINK, SHIB, NEAR, and PEPE have declined by more than 3% within the same timeframe. FET, on the other hand, has plummeted by 11% to under $1.55.
KAS is the only notable gainer from the larger-cap alts, having surged by 8% to $0.175.
The total crypto market cap has shed over $30 billion overnight and is down to $2.365 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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