Bitcoin Attempts to Break Resistance at $27.5K But Fails
Bitcoin made an impressive move in the past 24 hours, attempting to break the resistance level at $27,500. However, the cryptocurrency was violently rejected at this point, resulting in a drop of almost $1,000. Currently, BTC is struggling to stay above $27,000. Glassnode recently reported that BTC has been trading in a tight 3.4% range for over a week, meaning that the asset stands between $26,500 and $27,500 without being able to break above or below these levels. The analytics company warned that more enhanced volatility could be right around the corner, and the markets experienced a glimpse of this in the past 24 hours.
The altcoins have also turned red on a daily scale, with LTC and LDO losing the most value from the top 36. Ethereum, which spiked above $1,850 yesterday, is down below $1,820 after a 2% drop. A similar decrease for BNB means that the asset has gone under $310. Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu, and Avalanche are also in the red today. Even more daily drops come from Litecoin and Lido DAO – both assets have declined by 5-6%. TONCOIN and LEO stand out as the only top 36 alts with minor daily gains.
The crypto market cap has suffered a decline of over $20 billion in a day, down to $1.120 trillion. This comes amid the growing number of reports suggesting that BTC investors have focused on HODLing instead of trading their assets.