Bitcoin started an upward move in the last 24 hours but was strongly rejected at the $27,500 resistance level. The total crypto market cap has dropped by over $20 billion in one day.
Cryptocurrency Market Loses $20 Billion In One Day
Altcoins have also turned red on the daily scale. As Glassnode reports, BTC has been trading in a tight 3.4% range for over a week. In terms of USD figures, this means that the asset stands between $26,500 and $27,500.
However, the resistance line at this point turned out to be a huge hurdle. BTC failed to surpass this, and the ensuing drop took it down by almost a thousand dollars.
The analyst firm warned that more volatility could be imminent.
Currently, the support and resistance points for Bitcoin are as follows:
Although Bitcoin has rallied several hundred dollars since its intraday low, the cryptocurrency is still struggling below $27,000.
This comes amid a growing number of reports suggesting that BTC investors are focusing on HODLing rather than buying and selling their holdings.
Most of the alternative coins are no better than BTC on a daily scale. Having climbed above $1,850 yesterday, Ethereum dropped below $1,820 after a 2% drop. A similar drop for BNB means the asset slumps below $310.
Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu and Avalanche are also in the red today. Even more daily drops from Litecoin and Lido DAO.
*Not investment advice.
