TL;DR
- BTC experienced an immediate bearish reversal when attempting to surpass the $88,000 level.
- The total crypto market capitalization lost $30 billion in 24 hours and is approaching $3 trillion.
- Large-cap altcoins are stagnant, with ZEC suffering a 7% drop.
Bitcoin’s price reverses its upward trend after trying to overcome the $88K level, leading to a day of declines in the cryptocurrency market. Following a brief encouraging rally that began on Friday, the pioneering crypto briefly touched the $88,000 mark on Monday morning, only to face an immediate rejection.
On Monday, at the time of writing, Bitcoin’s price was $2,000 below that peak, trading around $86,000. Its market capitalization remains at $1.715 trillion, and its dominance over other altcoins is close to 57%.
This early-week rally sought relief from the bearish pressure experienced last week, when the leading crypto suffered a $15,000 drop in less than seven days, falling from $96,000 to a seven-month low below $81,000. The decisive loss of the $90,000 support had marked the beginning of that painful correction.
The optimistic momentum that pushed BTC above $84,000 over the weekend is attributed to recent comments about a potential interest rate cut by the United States Federal Reserve (US Fed). However, the $88,000 barrier proved too strong, confirming that Bitcoin fails at $88K resistance once again.
Altcoins Show Disparate Resistance and Global Market Recedes
On the other side of the coin, the outlook in the altcoin market is slow. While most large-cap assets remain apathetic, with insignificant movements or slight declines (such as ETH, SOL, ADA, BCH, and LINK), some have managed to hold key levels. For example, Ethereum (ETH) remains firm above $2,800, and XRP has held the $2.00 mark.
However, Bitcoin’s pullback was felt more intensely in certain sectors. ZEC experienced a painful 7% drop, trading below $540. Others like XMR and DOT also recorded significant declines. On the gains side, HBAR rose more than 5%, CC advanced 10%, and MemeCore stood out with a 9% rally, surpassing $1.90.
As a result of selling pressure, the total cryptocurrency market capitalization lost approximately $30 billion in one day, standing on the verge of breaking the psychological level of $3 trillion. Bitcoin’s inability to hold $88K thus consolidates as the main bearish catalyst of the day.
