Bitcoin Drops to $3500 After Another $60K Rejection

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Bitcoin has yet to break through the $60,000 barrier, with the most recent rejection driving the commodity to a low of $56,500. The altcoin market is also dwindling.

Another failed attempt to smash through the $60,000 mark has resulted in a $3,500 price drop for bitcoin. Most altcoins have followed suit, and the total market cap has dropped by more than $60 billion in a single day.

After yet another rejection, Bitcoin dropped to $56,500.

Bitcoin was flirting with the coveted $60,000 price line for several days. Any attempt to reclaim it, however, was met with immediate rejection.

In the last 24 hours, the situation has arisen again. The bears took over and pulled BTC south as it was closing in on its rounded-number nemesis.

The primary cryptocurrency lost around $3,500 in value over the next few hours, hitting an intraday low of just under $56,500. (on Bitstamp).

Bitcoin is still down over 3% on a 24-hour scale, despite bouncing back and adding roughly $1,000.

According to technical indicators, BTC’s current price of around $57,500 is the first support level that could prevent another price drop. If the asset falls below it again, the next two targets are $56,600 and $54,675.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

In a Sea of Red, Altcoins

In the last few days, alternate coins have been on a tear. Ethereum was one of the best-performing coins, smashing through $2,000 for the first time since mid-February. ETH has continued to climb, hitting a new all-time high of nearly $2,150.

However, the second-largest cryptocurrency has lost over $100 since then, and now trades just above $2,000 on the sector.

Since yesterday, the rest of the top ten coins have all been in the red. Binance Coin (-2% ) is trading below $340, Cardano (-4% ) is trading below $1,20, and Polkadot, which hit a new high yesterday, is trading at $44.

On a 24-hour scale, Ripple is down 7.5 percent, Uniswap is down 7%, Litecoin is down 8%, and THETA is down 5%.

The situation with alternate coins with lower and mid-caps is close. Harmony is the worst-performing stock in this decline, down 11% to $0.16. Following Theta Fuel are Bitcoin SV (-10.5 percent), Fantom (-10 percent), EOS (-10 percent), Holo (-9 percent), and Kusama (-9 percent).

Finally, the overall market capitalization of all cryptocurrency assets has fallen to $1.910 trillion, a loss of around $60 billion in a single day.

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