Bitcoin’s price recovery attempts that began last weekend took it to just over $93,000 on Friday, but the asset met an immediate resistance there and was driven south by three grand.
Most larger-cap alts are also in the red on a daily scale, with some notable price declines from the likes of PUMP, SOL, and ADA.
BTC Progress Halted at $93K
The price calamity on November 21 drove bitcoin south to its lowest levels since April at under $82,000. This meant that the cryptocurrency had lost over $25,000 in the span of just ten days.
The bulls finally stepped up at this point and helped defend the $80,000 support. In the next couple of days, BTC recovered some ground and stabilized around $84,000. It started to rebound more impressively at the start of the business week and challenged the $88,000 resistance on a couple of occasions.
Although it held at first, BTC managed to break through it on Wednesday evening and jumped to $90,000. It continued its ascent on Thursday and Friday and peaked at just over $93,000 yesterday. After recovering more than $12,000 since its multi-month low, bitcoin faced some resistance and was pushed south to $90,300 earlier today.
It defended that level and now stands around $90,500 as of press time. Its market cap has remained above $1.8 trillion on CG, while its dominance over the alts sits at 57%.
Alts in Red
Most altcoins have mimicked BTC’s performance in the past 24 hours, posting some losses. ETH is close to breaking below $3,000 again, XRP is below $2.40, while SOL and ADA have dumped by 3-4%. Even more notable declines come from the likes of SHIB, CC, PUMP, and HASH.
Pi Network’s PI token has lost some of its recent momentum by dropping by 7% in the past 24 hours to well below $0.25. In contrast, M has shot up by more than 16% daily, while QNT is up by 8%.
The total crypto market cap has dropped by $50 billion in a day and is down to $3.170 trillion on CG.
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