In the last 24 hours, the price of Bitcoin plunged lower once again, so the market failed to react. After yesterday’s dull day, the digital asset is currently fighting to remain afloat below the $105,000 support. Will it sink or swim?
The altcoins have posted even bigger losses, especially AVAX, UNI, HYPE, XMR, ENA, and a few others.
BTC Falls Beneath $105K
Just a fortnight back, Bitcoin Pizza Day celebrations were in full swing, and the king of crypto had just soared to sacred new highs, flirting with $112,000. One could say that the celebrations, too, were fleeting. The rise weakened, and from almost the moment the fireworks faded, the retreat began at full speed.
Bitcoin flirted with $110,000 but that dalliance was very brutally cut short last week. A bearish ambush towards the week’s close sent the cryptocurrency into a meltdown, taking away thousands in value. This massacre ended on Saturday, when Bitcoin fell to a 12-day low of $103,100.
Bitcoin missed a blot. Just as the cryptocurrency was on its way to a five-figure collapse, CryptoQuant intervened. The period that followed saw Bitcoin shooting upward time and again aiming for the $106,000 mark. Pushed down fiercely each and every time, the recovery is now finding it hard to breach $105,000, with the bulls walloped and wondering whether the rally itself has become extinct.
Its market capitalization has dropped to $2.080 trillion on CG, while its dominance over the alts has recovered to 61%.
Alts Back in Red
From altcoin drama, we have another wreaking Bitcoin havoc. Think of it throwing heavy basis while faint dips are in the altcoin vocabulary. Avalanche, battered by brutally, is now frighteningly close to the $20 mark. The Uniswap holders experience similar pain to Monero-Ouch. XMR wowed us with an 8% plunge, making investors ask how long this bleeding will continue. Decreasing altcoin market dominance paints the grim widespread downturn scenario.
HYPE, DOGE, and LINK are also well in the red, while ADA, SUI, and XRP have lost up to 2%.
Markets crashing in crypto: According to CG, the $30 billion generated in 24 hours lost and so pulling the whole market cap beneath $3.41 trillion. The bears have come back, and one’s fortunes are fading fast.
Thanks for reading Altcoins Retrace Again as Bitcoin (BTC) Price Loses $105K Level (Market Watch)
