Bitcoin Dumps $3500 Following Another Rejection at $60K (Weekend Watch)

Bitcoin continues to fail in overcoming $60,000 and the latest rejection drove the asset to a low of $56,500. The altcoin space is also bleeding out.

Another unsuccessful attempt to overcome $60,000 has resulted in a $3,500 price drop for bitcoin. Most altcoins have also followed along south, and the entire market cap has lost more than $60 billion in a day.

Bitcoin Dipped to $56,500 after Another Rejection

As previously reported by CryptoPotato, bitcoin was flirting with the coveted $60,000 price line for several consecutive days. However, every attempt to reconquer it was met with immediate rejection.

The situation repeated in the past 24 hours. As BTC was closing down to its rounded-number nemesis, the bears took control and pushed the asset south.

In the following hours, the primary cryptocurrency lost about $3,500 of value and reached an intraday low of just beneath $56,500 (on Bitstamp).

Despite bouncing off and adding roughly $1,000, bitcoin is still over 3% down on a 24-hour scale.

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The technical indicators suggest that BTC’s current price level of about $57,500 is the first support that could contain another potential price drop. Should the asset drop below it again, the following ones are at $56,600 and $54,675.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

The alternative coins were on quite the roll in the past several days. Ethereum was among the most notable performers, which led to breaking above $2,000 for the first time since mid-February. Furthermore, ETH continued upwards and painted a new all-time high at nearly $2,150.

However, the second-largest cryptocurrency has dropped by more than $100 since then and currently stands just above $2,000.

The rest of the top ten coins are also well in the red since yesterday. Binance Coin (-2%) is down below $340, Cardano (-4%) trades beneath $1,20, while Polkadot, which reached a new ATH yesterday, is down to $44.

Ripple (-7.5%), Uniswap (-7%), Litecoin (-8%), and THETA (-5%) are also down on a 24-hour scale.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The situation with the lower- and mid-cap alternative coins is somewhat similar. Harmony leads this adverse trend with an 11% drop to $0.16. Theta Fuel (-10.5%), Bitcoin SV (-10.5%), Fantom (-10%), EOS (-10%), Holo (-9%), and Kusama (-9%) follow.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost about $60 billion in a day and is down to $1.910 trillion.