BTC Rejected at $27.5K While LDO, LTC Dumped 6% Daily (Market Watch)

Bitcoin started an impressive leg up in the past 24-hours but was violently rejected at the $27,500 resistance level.

Altcoins have also turned red on the daily scale, with LTC and LDO losing the most value from the top 36.

BTC stalled at $27.5K

As recently reported by Glassnode, BTC has been trading in a tight 3.4% range for over a week. In USD numbers, this essentially means that the asset is ranging between $26,500 and $27,500 without being able to break above or below these levels.

The analytics firm warned that more heightened volatility could be around the corner, and the market saw a glimpse of it in the past 24 hours when bitcoin tumbled from lows of $27,000 to a multi-day high of $27,500.

However, the resistance line at this point turned out to be too big of an obstacle. BTC failed to breach this, and the subsequent rejection sent it almost a grand south. The cryptocurrency is still struggling below $27,000, despite recovering a few hundred dollars since its intraday low. This comes amid a growing number of reports that suggest BTC investors are focused on HODLing rather than trading their assets.

After the most recent price drop, bitcoin’s market cap has dropped below $520 billion.

LDO, LTC drop hard

Most alternative coins are in no better shape than BTC on a daily scale. Ethereum, which surged above $1,850 yesterday, is trading below $1,820 after a 2% decline. A similar decrease for BNB meant that the asset dropped below $310.

Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu, and Avalanche are also in the red today. There are even greater daily declines from Litecoin and Lido DAO – both assets are down by 5-6%.

TONCOIN and LEO stand as the only top 36 alts with modest daily gains.

Overall, however, the crypto market cap has suffered a decline of more than $20 billion in a single day. Thus, the metric is down to $1.120 trillion.