Bitcoin Rejected at $49K After Charting a 4-Week High (Market Watch)

Bitcoin Rejected at K After Charting a 4-Week High (Market Watch)
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After tapping a near one month high above $49,000, bitcoin retraced by over $1,000 and currently struggles below $48,000. Most alternative coins have also stalled today, with the apparent exception of Algorand, Tezos, and Axie Infinity.

Bitcoin Failed at $49K

Ever since the end of September, when BTC had dipped below $41,000, the price of the asset has been gradually increasing. Following a few hourly surges, it went above $43,000 and then reclaimed $47,000 in just a few days.

This led to tapping $48,000 on Saturday, where it stood for a while. Bitcoin retraced briefly on Sunday to $47,000, but the bulls regained control and sent it north again.

This time, BTC even exceeded $49,000 for the first time since early September. However, it failed to continue upwards, and the subsequent rejection led to a drop of more than $1,500.

As of now, bitcoin has recovered some ground but still stands below $48,000. Nevertheless, its market capitalization is just over $900 billion, and the dominance over the alternative coins sits at 42.5%.

BTCUSD. Source: TradingView

Alts Stall: XTZ Paints New Record

Most altcoins have performed similarly to their leader in the past few days. Ethereum had dropped all the way down to $2,900, but the market recovery drove it back to above $3,400 yesterday. A slight retracement in the past 24 hours, though, has pushed ETH below that level now.

Cardano is among the most substantial losers from the top 10 coins, with a 4% decline. As a result, ADA has dropped below $2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche, and Uniswap are also well in the red on a daily scale.

There’re a few exceptions, though. Luna has increased by 4% to above $45. Algorand has spiked by nearly 15% and currently stands above $2.

As reported earlier, AXS reached a new all-time high after another massive double-digit surge. Tezos (XTZ) saw a record of its own hours ago above $9 after a 10% daily increase.

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

After reaching a multi-week high above $2.150 trillion, the cryptocurrency market capitalization has also declined in a day by $50 billion.

Source

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