Bitcoin Struggles: BTC Dips Below $61K Amidst Altcoin Declines

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Bitcoin’s price action has been disappointingly static, as it struggles to stay above the critical $60,000 support level.
Several altcoins, including DOGE, ADA, SHIB, LINK, PEPE, and NEAR, have experienced notable declines of over 3% in the last 24 hours.
A key highlight is the notable quotation from market analysts pointing out the bearish momentum in the market.

Bitcoin and Altcoins Face Renewed Downward Pressure: Market Struggles, Bearish Sentiments Persist.

Bitcoin Tests $60K Barrier Again

Over the weekend, Bitcoin’s price hovered around $64,000, showing little movement due to a lack of progress on the ETF approval. This inactivity changed dramatically on Monday as bearish pressures intensified. By early Tuesday, Bitcoin had plummeted to $58,400, hitting a two-month low. However, buyers quickly stepped in, pushing the price back above $60,000 for a brief period before it settled lower at around $61,000.

Major Altcoins Plunge

Across the altcoin market, a majority have suffered significant losses. Notably, larger-cap altcoins like Binance Coin, Ripple, Solana, and Tron have seen drops around 1%. However, coins including DOGE, ADA, LINK, SHIB, NEAR, and PEPE have seen sharper declines, losing over 3% in the same timeframe. A standout in this context is KAS, which has defied the trend with an 8% rise, reaching $0.175.

Conclusion

The recent downturn in prices, both for Bitcoin and a range of altcoins, underscores the bearish sentiment currently gripping the market. Investors are advised to stay vigilant and consider these developments when making investment decisions. The coming days will likely reveal whether Bitcoin can reestablish support above $60,000 or if further declines are on the horizon.