06 Mar Weekend Watch: Bitcoin Price Rejected at $40K Ahead of the New Week
After falling by $6,000 in a few days, bitcoin tried its hand at $40,000 once again but to no avail. Most altcoins have stalled since yesterday with little-to-no movements, except for Monero, which has marked a sizeable price increase.
Bitcoin Struggles Below $40K
It’s safe to say that the past several days didn’t go well for the primary cryptocurrency. The asset had recovered all losses that came after Russia invaded Ukraine and even went towards new monthly highs.
This resulted in tapping $45,000 on a couple of occasions, but the bears stepped up after the second and pushed BTC south. In the following days, bitcoin lost some value gradually before it plummeted by $3,000 late on Friday.
Consequently, the cryptocurrency fell below $39,000 for the first time in five days. It bounced off initially and neared the coveted $40,000 line hours later but was stopped there.
As of now, BTC struggles around $39,000, and its market capitalization has remained well below $750 billion.
BTCUSD. Source: TradingView
After the recent roller-coaster, most alternative coins have calmed now. Ethereum went from dumping to $2,200 to exceeding $3,000 days later before retracing back to around $2,600 where it’s currently situated.
Binance Coin, Ripple, and Polkadot are slightly in the green, while Solana, Cardano, MATIC, Dogecoin, and Shiba Inu have lost some traction since yesterday.
Terra, Avalanche, and ATOM have declined the most from the larger cap alts. LUNA is down by 2.5%, AVAX by 3%, and ATOM by over 4%.
Monero is among the few assets with impressive price increases as XMR is up by 7% and sits above $170.
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