Bitcoin’s adventure above $60,000 was somewhat short-lived as the asset has retraced by nearly $4,000 from its peak to about $58,000. Most alternative coins have also slumped in value, and the crypto market cap has lost roughly $120 billion in a day.
The weekend was quite bullish for the primary cryptocurrency. Bitcoin added $1,000 of value on Saturday before it went on to new highs after breaking the mid-February record of $58,400.
After a few attempts, the asset overcame the coveted $60,000 price tag and continued north to its latest ATH of $61,800 (on Bitstamp).
However, the cryptocurrency failed to sustain its movement upwards and has reversed its price trajectory since then. In the following hours, BTC dipped by over $3,000 to an intraday low of $57,500.
Nevertheless, bitcoin has bounced off somewhat rapidly and currently sits just above the $58,000 price line.
From a technical perspective, $57,690, $56,110, and $55,000 are the following support levels that could help BTC heads further south. Alternatively, the asset would have to overcome the resistance lines at $60,000, $60,736, and $62,170 to resume its bull run.
The altcoin space also enjoyed the weekend with substantial gains. However, similarly to its leader, most altcoins have retraced rather sharply in the past 24 hours.
Ethereum reached a 3-week high of $1,940 yesterday but has dropped to about $1,800 now. Binance Coin (-5%), Polkadot (-3%), Cardano (-4.5%), Ripple (-4%), Uniswap (-9%), Litecoin (-5%), and Chainlink (-5%) are all deep in red as well.
Further price fluctuations are evident from lower- and mid-cap altcoins. Pundi X has lost the most value since yesterday (20%) to $0.0033. BitTorrent (-13%), CRO (-13%), NEAR Protocol (-12%), Zilliqa (-11%), Bitcoin Gold (-11%), and BitcoinSV (-10%) follow.
Despite a few gainers, such as Holo (72%), Harmony (45%), and Enjin Coin (43%), the cumulative market capitalization of all cryptocurrency assets has suffered a major 24-hour blow. The metric reached a new peak at $1.850 trillion yesterday but has lost about $120 billion since then.
