Markets
Bitcoin struggles at $67K as Polkadot (DOT) tests $6.5 resistance (market watch)
The cryptocurrency market has been trending sideways in recent days following considerable declines at the start of the week. It appears that traders are now looking for direction, and major cryptocurrencies are trading around important levels.
Let’s start with Bitcoin.
Bitcoin fights for US$67 thousand
The price of Bitcoin appears unable to definitively surpass US$67,000, having fallen in that direction at the beginning of the week. At the time of writing, BTC is close to this level, trading with a 1% loss over the last 24 hours.
As can be seen from the chart, the price tried to rise above $68K yesterday, but sellers intercepted the move and prevented any further rise.
The prevailing action remains quite unstable, capturing many overexposed leveraged positions and liquidating them. In fact, around $110 million worth of leveraged positions were wiped out in the last 24 hours alone, with BTC accounting for nearly $30 million of that. This is what the settlement heatmap looks like at the time of writing:
Source: CoinGlass
Altcoins also fail to progress
The altcoin market is also not progressing, with most of the top 100 cryptocurrencies by total capitalization unable to record any gains.
Source: Quantify encryption
Solana is down 2.6% and currently trades below $15, while XRP has fallen below the critical $0.5 level and is now down 1.5%. Polkadot, although down 1.4% on the day, is now testing the important $6.5 level and if it rises, bulls could try to trigger an uptrend.
Binance Coin is trading roughly flat on the day, which is more or less true for Ethereum (ETH) as well.
Meme Coin Perspective
It’s safe to say that meme coins have become an important part of the broader market in 2024. However, this week’s recession hasn’t exactly spared them either.
See how they performed over the last 24 hours:
- DOGE lost 0.4%
- SHIB is trading flat
- PEPE falls 4.8%
- WIF fell 3.9%
- FLOKI lost 3.1%
- Meme Book (BOME) exploded by 10%
The reason behind BOME’s impressive performance is that Coinbase – the leading US-based cryptocurrency exchange – announced support for this.
SPECIAL OFFER (sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is from the cited writers. It does not represent CryptoPotato’s views regarding buying, selling or holding any investments. We advise that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.