Bitcoin Faces Major Resistance at $27,500 and Altcoins Turn Red
BTC Stopped at $27.5K
Bitcoin has experienced a surge in the past 24 hours, but it was unable to break past the major resistance level of $27,500. Glassnode, the analytics company, recently warned that more volatility could be expected, and this was evident when BTC hit a multi-day high of $27,500. However, the cryptocurrency was unable to break this resistance level and was subsequently rejected, leading to a decrease in value by almost $1000. Despite recovering some of its losses, Bitcoin still struggles to break above $27,000. Reports suggest that BTC investors have been focused on HODLing their assets instead of trading, which could be contributing to the current market situation. Bitcoin’s market cap has slipped below $520 billion.
LDO, LTC Drop Hard
The top 36 altcoins have also suffered losses, with LDO and LTC losing the most value. Ethereum has seen a 2% drop and is currently trading below $1,820. Other cryptocurrencies such as BNB, Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu, and Avalanche are all in the red. Litecoin and Lido DAO are two of the worst performers, declining by 5-6%. Only two top 36 alts, TONCOIN and LEO, have seen minor daily gains.
Overall, the cryptocurrency market has experienced a decline of over $20 billion in just one day, resulting in the metric dropping to $1.120 trillion.