After being rejected at $21,000, bitcoin slumped to $20,000 but has managed to defend that level.
Most altcoins are deep in the red, with massive daily losses evident from Dogecoin, Shiba Inu, and Avalanche.
After the positive last week, which resulted in bitcoin surging from under $19,000 to a multi-month high of over $21,000 during the weekend, the asset has remained relatively calm.
The bulls failed to push it further north days ago, and the subsequent rejection drove BTC south to around $20,500. The past few days have seen the asset getting quieter and remaining within a tight range between $20,000 and $21,000.
On-chain analysis suggested that the current bear market resembles the previous one to large extent, but there’s one small but vital difference. Additional data informed that the cryptocurrency could be heading for a more violent rejection if it fails to overcome $21,000 decisively.
Its market cap is still below $400 billion with the current price tag of $20,500, but its dominance over the alts has taken a breather and is up to almost 39%.
The alternative coins experienced notable gains in the past week or so, but the bears have stepped up now.
Ethereum went from under $1,400 to a multi-week high of over $1,600, outperforming bitcoin. Now, though, ETH has retraced back down below the latter after a 1.5% daily decline. Binance Coin is down by a similar percentage to $320.
More losses are evident from Cardano, Solana, MATIC, Polkadot, Tron, and Uniswap – all down by up to 5%.
The situation with yesterday’s top performers – Dogecoin and Shiba Inu – is a lot worse. DOGE has seen an 11% correction, while SHIB has shed 8% in value daily.
Litecoin is today’s best performer. The asset has soared by about 10% and trades at just over $60.
Despite losing around $30 billion daily, the overall crypto market cap has remained above the coveted $1 trillion line.
