Bitcoin Takes a Dip
Bitcoin (BTC) experienced a dramatic dive from the cozy $11,000 neighborhood it observed on August 20. The excitement that kicked off the week has sadly fizzled faster than a soda left open overnight. BTC/USD, after a short-lived rally from $10,700, has now returned to those depths with a disheartening drop of $350.
Resistance Seems Reluctant
Data reveals that BTC’s recent attempt to breach the critical $11,000 resistance has met fierce opposition. With 24-hour gains sitting at a meek 2% and a weekly loss of nearly 6%, Bitcoin looks more like a grumpy toddler than a strong contender in the crypto ring.
As regular trader Josh Rager pointed out, the market was quite optimistic when BTC crawled above $10,800, but alas, the reality is different, and traders are now hoping for the best while bracing for the worst.
Traders Weigh In
Market analysts are as divided as your favorite pizza toppings. Some, like Rager, see the resistance at previous levels as something to overcome, while others like Filb Filb are quietly optimistic, hinting at a possible rise to $11,400. It’s like being in a rollercoaster with no clear destination!
Altcoins Struggle in Bitcoin’s Shadow
Meanwhile, altcoins are experiencing a case of the Mondays… on a Tuesday. Most major cryptocurrencies are failing to ride the wave Bitcoin created earlier, as Ether (ETH) dipped 1.6% and slipped below $200. Litecoin (LTC) and XRP aren’t faring much better, showcasing movements of -2.3% and -5% respectively.
Interestingly, Monero (XMR) and Bitcoin SV (BSV) are the little engine that could, managing to gain 1.2% and 0.8%. A rare win amid a sea of red!
Market Cap and Outlook
As of Tuesday, the entire cryptocurrency market cap sits at a shaky $276 billion, marking a $3 billion drop from the previous day. BTC maintains its share of the market at over 69%, which might still make it the heavyweight champion of crypto, but even champions have their off days!
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