Crypto Markets Shed $100 Billion as Bitcoin Was Rejected at $120K: Weekend Watch

Bitcoin's journey towards $120,000 encountered resistance yesterday, leading to a slight retracement. After repeated attempts to breach this level, the price experienced a downward correction.

Altcoins, which had enjoyed substantial gains, have generally seen more pronounced price declines over the past 24 hours.

BTC Stalls at $120K

Bitcoin commenced the week with considerable momentum, extending its upward trend from the previous week and peaking at over $123,000 on Monday. This surge established a new all-time high, marking an increase of over $15,000 in approximately five days.

However, this bullish momentum subsided, and the asset underwent a correction. Over the following day, Bitcoin shed over $7,000, influenced by profit-taking and concerns arising from the June CPI data in the US.

Despite this downturn, buyers intervened to prevent further losses, and BTC initiated a recovery. Towards the week's end, it tested the $120,000 mark and even briefly touched $121,000, but failed to sustain these levels. Subsequent rejections resulted in a downward movement, with BTC falling to $117,000 yesterday.

Currently, Bitcoin has regained some ground and is trading around $118,000, although it remains down on the day. Its market capitalization has decreased to $2.350 trillion, while its dominance over the altcoin market is below 60%.

BTCUSD. Source: TradingView

Altcoins Experience a Pullback

Many altcoins registered notable gains recently, but the market dynamic has shifted. Ethereum, after reaching $3,700, has retreated below $3,600.

SUI has experienced the most significant decline among larger-cap altcoins, followed by XLM, ADA, SOL, and LINK. Dogecoin and ETC are notable exceptions within this group.

The total cryptocurrency market capitalization, which surpassed $4 trillion, has decreased by $100 billion from its peak, currently standing at $3.940 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto