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The weekend witnessed a continued broader correction in the cryptocurrency market, with most projects unable to initiate any form of recovery.
Bitcoin’s value is trending downward toward $27K and, at the moment of this writing, is trading just above that mark. The last 24 hours have not provided any respite for altcoins either, as the majority of them persist in their decline. Let’s explore further.
Bitcoin Price Struggles Near $27K
The onset of the new week has not significantly aided Bitcoin in its recovery efforts. In fact, the price continues to drop, and it appears that $27K is the next target for the cryptocurrency.
Source: TradingView
It is important to highlight that BTC made an effort to regain $28,000 but was swiftly halted around $27.8K, where bearish sentiment took full control. Every hourly candle since that point has been negative.
During the previous week, BTC experienced its largest decline in five months, falling approximately 10% compared to its trading position seven days prior.
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Altcoins Continue to Face Challenges
The altcoin sector also did not manage to achieve any significant recovery over the past 24 hours. Ethereum is moving towards $1.8K, down 2.1% for the day, similar to most of the leading altcoins by total market capitalization.
As illustrated in the heatmap below, the situation does not appear favorable.
Source: Quantify Crypto
Injective Protocol (INJ) has been the poorest performer in the last 24 hours, losing over 12% during this timeframe. The cryptocurrency has now declined more than 30% in the past week alone. Following closely is Arbitrum’s ARB, which has also dropped around 10% today.
Conversely, Kaspa (KAS) and Bitget Token (BGB) have both increased by over 6% in the last 24 hours. However, aside from these, the rest are in the red.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
