Bitcoin Hits $70K Before Sharp Rejection, Market Cap Drops $100 Billion

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Bitcoin’s price finally hit the highly anticipated $70,000 mark, but swiftly faced significant resistance, resulting in a substantial pullback of over $4,000.
Altcoins also suffered, causing a $100 billion reduction in the total crypto market capitalization.
The rejection at $70,000 and subsequent decline highlight ongoing volatility and uncertainty in the cryptocurrency market.

Bitcoin achieves $70K milestone but succumbs to sharp rejection; overall crypto market cap drops by $100 billion.

BTC’s Short-lived Triumph at $70,000

Last week, Bitcoin faced considerable bearish pressure, plunging from over $67,000 to below $63,500. However, bullish momentum steadily rebuilt, spurred in part by anticipation around the Bitcoin Conference in Nashville and a speech from former President Donald Trump. Bitcoin’s price surged past $69,000 by Saturday, but as Trump’s speech introduced volatility into the market, BTC’s price fluctuated wildly.

Heightened Volatility Triggers a Bearish Reversal

After a volatile session on Saturday, Bitcoin initially stabilized around $67,200. Nevertheless, renewed bullish efforts pushed the price to a seven-week high of $70,000 on Monday. This increase, however, was not sustainable, as BTC faced significant resistance. This large-scale rejection pushed BTC down by over $4,000. Despite a minor recovery, Bitcoin remains down by approximately 4% on the day, with its market capitalization shrinking to $1.320 trillion and its dominance reduced to 52.5%.

Altcoins in a Sea of Red

As is often the case, Bitcoin’s significant price movements influenced the broader altcoin market. Major altcoins such as SOL, AVAX, ADA, and DOGE experienced losses ranging from 3.6% to 5%. Other notable altcoins, including ETH, XRP, TON, TRX, SHIB, and LINK, also turned red, although their losses were relatively moderate.

Substantial Losses Across Various Altcoins

Particularly hard-hit were altcoins like JUP, TAO, WIF, BONK, AR, and ICP, each experiencing drops exceeding 5% over the past 24 hours. This widespread downturn among altcoins contributed significantly to the $100 billion decrease in the overall crypto market cap, which fell from $2.6 trillion to a local low.

Conclusion

The recent events in the cryptocurrency market reveal the inherent volatility and complex dynamics at play. Bitcoin’s rejection at $70,000 and the resulting impact on altcoins underscore the unpredictable nature of crypto investments. Investors are advised to stay cautious and conduct rigorous research, as market conditions continue to fluctuate.

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