The crypto market’s most favored cryptocurrency lost the gains it had made yesterday after once again slipping below the $30,000 mark. Bitcoin could not surpass the resistance at the $32,500 level after breaking the $31,000 mark yesterday.
At the time of writing this article, Bitcoin was trading at $29,766. It lost 6.02% in the last 24-hours, as per data from CoinMarketCap. The crypto market took a bearish stance. BTC trading in the range of $30,3576 – $32,176 range indicated strong volatility over the last 24-hours. Trading volume declined by 13.03%. Analysts highlighted strong selling pressures on the four-hour chart. This suggests that the popular crypto will see a further downside by the end of the day. BTC had briefly tested the $28,000 mark, rejected the downside, and pivoted higher crossing the $31,000 level yesterday. But it could not hold on. The further upside was rejected. Bitcoin price saw a reversal.
Ethereum lost saw a drop in its price by 5.56% in the last 24-hours. It is trading at $1,820. The major altcoins are also in the red. Solana is the biggest loser. It’s down by 12.61% in the last 24-hours. Avalanche lost 10.64%. Polkadot is down by 6.71%, Cardano 6.26%, and Ripple’s XRP lost 5.31%. The meme coins lost significant gains in the 24-hours. Shiba Inu lost 7% of its value, as per data from CoinMarketCap, and Dogecoin 5.66%.
Overall, Bitcoin seems to have upgraded its short-term outlook. If it pushes for an upward trend, resistance awaits at $34,636. A reversal below $30,000 will see players back in.