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The pressure on Bitcoin’s price continues and doesn’t appear to be ending anytime soon.
Bitcoin price fell below the $67,000 mark, down 1.5% in the past 24 hours. The decline came after the currency price failed to break above the $71,000 resistance level.
On February 6 last year, the price of Bitcoin rebounded after hitting a bottom of $60,000, quickly rising to $72,000, but this rebound did not translate into a sustainable upward trend.
Sellers emerge strongly with every new attempt to move higher, just as a failed attempt to break above the $71,000 level over the weekend saw prices fall to $67,000 on Tuesday before continuing the decline on Wednesday.
Despite a slight rebound from the end of the week, Bitcoin’s price remains low, with its market capitalization falling to less than $1.34 trillion, while its market dominance struggles to remain above 56.5%, according to data from “CoinGecko”.
In the alternative digital currency market, red still occupies the majority of the market.
Ethereum price has lost ground again after a brief attempt to stabilize above $2,000.
XRP and Solana were the worst-performing digital currencies among the major currencies, each down around 5%, with XRP trading near $1.40 and SOL falling to around $82.
DOGE, ADA, BNB, LINK, and CC also recorded drops of up to 4%, while ZEC fell sharply by 8.5% to around $260.
Currencies such as M and Hash experienced large declines, with losses exceeding 10% in one day.
At the entire market level, the total market value of digital currencies lost approximately US$50 billion in 24 hours, falling to approximately US$2.37 trillion.
Also read:
Tether CEO: Bitcoin mining is about converting energy into digital value
