Bitcoin started an impressive leg in the last 24 hours but was violently rejected by the $27,500 resistance level.
Altcoins also turned red on the daily scale, with LTC and LDO losing the most value from the top 36.
BTC Stopped at $27.5K
As Glassnode announced recently, BTC has been trading in a tight 3.4% range for over a week. In terms of USD figures, this essentially means that the asset stands between $26,500 and $27,500 without going above or below this level.
The analytics firm has warned that further enhanced volatility may be around the corner, and markets experienced a glimpse of it in the past 24 hours when bitcoin jumped from below $27,000 to at a multi-day high of $27,500.
However, the line of resistance at this point has become a very big obstacle. BTC failed to break it, and the subsequent rejection took it south by almost a grand. Despite recovering several hundred dollars since the intraday low, the cryptocurrency is still struggling below $27,000. This comes amid a growing number of reports suggesting that BTC investors are focusing on HODLing instead of selling their holdings.
After the latest price jump, bitcoin’s market cap dropped below $520 billion.
LDO, LTC Stop Strong
Most of the alternative coins are not in better shape than BTC on daily scale. Ethereum, which rose above $1,850 yesterday, is below $1,820 after a 2% drop. A similar decrease in BNB means that the asset is below $310.
Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu, and Avalanche are also in the red today. More daily drops from Litecoin and Lido DAO – both assets are down 5-6%.
TONCOIN and LEO are the only top 36 alts with small daily gains.
Overall, however, the crypto market cap suffered a decline of more than $20 billion in one day. As such, the metric fell to $1.120 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% discount on Binance Futures fees first month (terms).
PrimeXBT Special Offer: Use this link to register and enter the code CRYPTOPOTATO50 to receive $7,000 on your deposits.
Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent the opinions of CryptoPotato when buying, selling, or holding any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See the Disclaimer for more information.
Cryptocurrency charts by TradingView.