The crypto market has seen another minor rollercoaster.
It almost feels like déjà vu over the past few weeks, and it happened again on Monday morning as BTC reached just over $90,000, only to be violently rejected there and immediately head south to where it started.
Most larger-cap altcoins followed suit, with ETH falling above and below $3,000 in a matter of hours.
BTC Stopped (Again)
The chart below will clearly demonstrate BTC’s inability to breach the $90,000 resistance despite several attempts over the past few weeks. In fact, it has been rejected at least six times since December 16.
In the previous business week alone, he tried twice, but to no avail. Last Monday, it soared to $90,500 as the bears intensified and pushed it south by four thousand dollars over the next two days. Another failed attempt took place on Friday, but this time BTC couldn’t even reach $90,000.
A few days of sideways trading followed, during which bitcoin remained between $87,000 and $88,000. Bulls returned to the offensive earlier today, pushing the cryptocurrency to another weekly high of $90,400.
But the scenario repeated itself once again. The dead cat rebound scenario that many feared has brought Bitcoin back below $88,000 at press time. Its market cap has returned to $1.75 trillion, while its alt dominance is just over 57% in CG.
Alts also stopped
Ethereum followed the market leader earlier today, surging above $3,000 as it neared $3,050. However, it met the same fate as BTC and has now returned to $2,960. BNB has returned to $856, while XRP is below the crucial $1.90 support.
On a daily scale, SOL, ZEC, and DOGE are slightly in the green, while BCH has lost the most value compared to larger-cap alts. CC is up almost 4% at near $0.125.
The total crypto market cap gained and lost $70 billion in a matter of hours today and is now back to $3.060 trillion on CG.
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