- Bitcoin has experienced a relatively uneventful weekend, trading within a narrow range of $66,000 to $66,500 before an unsuccessful breakout attempt.
- Several leading altcoins have also seen their values drop on a daily scale, with AVAX, NEAR, and UNI being the notable losers in the trend.
- The cryptocurrency market overall shows signs of weakness, prompting investors to stay cautious.
Bitcoin stalls at $66,000 as altcoins struggle; explore the latest cryptocurrency market dynamics.
Bitcoin Pulls Back to $66K
Bitcoin kicked off the last business week by aiming for the highly anticipated $70,000 mark, after a calm weekend. However, bearish pressure quickly emerged, driving the price downward by $4,000. This movement occurred in anticipation of the US Consumer Price Index (CPI) release and the Federal Open Market Committee (FOMC) meeting.
Upon release, the inflation figures exceeded expectations, driving BTC back up to $70,000 briefly. However, the Federal Reserve’s stance on maintaining interest rates, unlike the European Central Bank’s rate reduction, led to another price drop. Bitcoin then plummeted to a monthly low of $65,000.
By the weekend, Bitcoin regained some stability and rose to just above $66,000. Despite attempts to reach $67,000 earlier today, BTC has fallen back slightly and currently hovers around $66,000.
Alts Turn Red
Major altcoins have mirrored Bitcoin’s downward trend. Ethereum (ETH), Binance Coin (BNB), and Toncoin (TON) have experienced slight declines of around 1%. In contrast, Dogecoin (DOGE), Cardano (ADA), and Chainlink (LINK) have dropped by just over 1%.
Polkadot (DOT) managed to stay above its critical $6 support level, while cryptocurrencies like DOGE, Avalanche (AVAX), Shiba Inu (SHIB), Bitcoin Cash (BCH), NEAR Protocol (NEAR), Uniswap (UNI), and Immutable X (IMX) have faced more severe declines. IMX, in particular, has seen a substantial drop of up to 7%, with Fetch.ai (FET) suffering the most significant decline among larger-cap altcoins, falling by 10% to $1.3.
Conversely, Solana (SOL), Ripple (XRP), Tron (TRX), and Kaspa (KAS) have made minor gains. Nonetheless, the total market cap of the cryptocurrency sector has shrunk by over $30 billion within a day.
Conclusion
The cryptocurrency market has faced a challenging period with Bitcoin unable to sustain momentum past the $67,000 mark and leading altcoins experiencing declines. Investors should keep a close eye on market signals and financial indicators to navigate upcoming trends. As always, conducting thorough research before making any investment decisions remains crucial.
