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July 29, 2021
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Guide & Analysis

Bitcoin rejects $ 12,000 again and crypto market loses $ 7 billion

Bitcoin does not exceed $ 12,000.

Bitcoin jumped briefly to more than $ 12,000, but has since reversed. In the past few hours, the entire market seems to be taking a break.

Strong resistance to Bitcoin

The past 24 hours have been quite impressive for the crypto universe, with the entire market capitalization earning more than $ 13 billion from yesterday’s fund from $ 374 billion to about $ 387 billion at the time of writing. It even reached $ 394 billion a few hours ago, while Bitcoin reached $ 12,000.

BTC marked an intraday high of around $ 12,060 (on Bitstamp). However, he was unable to sustain his run and, after a few hours, returned to the current price of around $ 11,810.

As has happened several times this year, resistance and the psychological level of $ 12,000 turned out to be a problem for Bitcoin. However, if the BTC finally wins it, the asset may face the next resistance lines at around $ 12,450, before potentially heading for $ 12,800.

On the other hand, if Bitcoin falls, it can find support at $ 11,650, $ 11,450 and $ 11,000.

Gold, which has also recovered from the sudden rise and fall following the US Federal Reserve’s announcement of its average 2% inflation target, also rose during yesterday’s trading session. The precious metal surpassed $ 1,990 an ounce, but before it had a chance to challenge $ 2,000, it reversed and dropped to $ 1,965.

The whole market is bleeding in the last hours

Ethereum was one of the most impressive large alts last week. Driven largely by the DeFi boom, ETH has risen to around $ 487, but has since returned to where it currently trades at $ 475. In fact, in the past few hours, most DeFi currencies, such as YFII, SUSHI, YFI, YAMv2 and so on, have been dropping in the past few hours.

YFI is currently trading for around $ 30,500, YFII has moved back from around $ 9,200 to $ 7,800 and SUSHI has dropped to about $ 7.20.

As a result, the entire market has lost about $ 7 billion in the past few hours, despite having increased the day before.

Some other alts are falling in double-digit percentages – bZx Protocol (-20%), Arweave (-14%), Ampleforth (-11%), Solana (10.5%) and Aragon (10%). However, the gains outweigh the losses in the altcoin market, which continues to reduce BTC’s dominance to 56.4%.

Interestingly, a few days after announcing a partnership to deliver on-chain oracles to DeFi, Tron and Band Protocol are still booming. TRX jumped 20% to $ 0.036, while BAND rose 14% to $ 15.5.

Source: CryptoPotato

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