Bitcoin’s price is trying to push toward the coveted level of $35K but has so far been unable to progress. The rest of the cryptocurrency market seems to continue with its consolidation, with some altcoins performing better than others.
Let’s dive in.
Is $35K Slipping Away?
As CryptoPotato reported yesterday, the Bitcoin price was trading above $34K and seemingly pushing for $35K. Today, the price remains above $34K, but it was unable to reach the coveted resistance level and is trading at a loss of around 0.7% in the past 24 hours.
Liquidation data is also interesting to monitor. According to CoinGlass, the total liquidations for the past 24 hours are just short of $100 million. Most of these were long positions, accounting for 63% of the total. This shows that bears were more dominant over the period.
The majority of liquidations, as always, happened on Binance, followed by OKX and Bybit.
Altcoins Receive Mixed Signals, Ripple’s XRP in the Lead
Most of the altcoins have also been receiving mixed signals throughout the past 24 hours, as can clearly be seen in the heatmap below:
Ripple’s XRP is one of the better-performing cryptocurrencies from the top 10. It’s managed to increase by some 2.6% throughout the day and is pushing for $0.6. It’s interesting to see if it will be able to reach it.
Solana (SOL) is outperforming the rest, up by 4.3% on the day.
It’s worth noting that Bitcoin’s dominance has dropped below 51% today. This is the metric that traders use to gauge its share relative to that of the rest of the market. The fact that it declined indicates that altcoins have been outperforming Bitcoin throughout the past 24 hours.
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Cryptocurrency charts by TradingView.
