It looks like Bitcoin (BTC) is stalling at the $94k area, and briefly attempted to break past the $95,000 level but was quickly pushed back by selling pressure, according to data from CoinGecko.
The rejection comes days after BTC briefly tapped $98,000, the highest point in over two months, before momentum stalled. Strangely enough, crypto investment funds drew around $2 billion in net inflows last week, with Bitcoin alone netting over $1.8 billion despite the flashing selling signals.
- Source: TradingView.
Moving on, it looks like so far the week has been nothing but sluggish for the crypto market, with its total capitalization down to $3.03 trillion, a 2.7% decrease from yesterday. Altcoins aren’t exactly in the green either, with most posting losses of 2% – 5% or more, including XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA).
There aren’t many winners today except for a few AI crypto projects and privacy coins like Bittensor (TAO) and Monero (XMR).
Potential Pull Back for Bitcoin?
After reclaiming $97,000 last week and hitting $98,000 on Friday, it looks as if Bitcoin was ready to retake $100,000, which is a psychological level that most traders fear due to high market uncertainty. But that push never materialized, instead what followed was massive volatility as the crypto asset lost steam and fell back toward $93,000 over the weekend.
The broader altcoin market turned red, led by Litecoin, which dropped 7% following the SEC’s decision to delay a ruling on one of its ETF applications. While the extension was anticipated, the price reaction was sharp. LTC is now holding slightly above $80.
Moreover, Ethena is one of the top losers today, currently priced at $0.26, an 8% decrease in the last 24 hours and a whopping 20% on the weekly scale.
Related: GORK: The New Memecoin That Surged 80% After Elon Musk Changes X Name and Profile Picture
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
