Altcoins Suffer Losses as Bitcoin (BTC) Experiences Sharp Rejection at $107K (Market Update)

On Sunday evening, Bitcoin’s price began a dramatic rise, only to experience a sharp downturn that saw it decline by nearly $5,000 within a matter of hours.

Several altcoins mirrored this downward trajectory, enduring significant losses, particularly among SOL, ADA, AVAX, SHIB, and others.

BTC Halted at $106K

Last Monday was notable as BTC reached nearly $106,000 for the first time since late January, before plummeting to below $101,000 shortly thereafter. Nevertheless, buyers managed to keep the price within a six-figure range, initiating a recovery that brought the cryptocurrency back to a narrower span between $103,000 and $105,000.

For most of the trading week, Bitcoin fluctuated within these two levels, and the weekend started sluggishly, as is typical. However, things changed dramatically on Sunday evening when buyers launched an unexpected rally that initially propelled BTC to $106,000, where it encountered resistance, before another impressive surge sent it above $107,000, marking a new multi-month high.

This upward movement was quickly followed by a rejection, resulting in a drop of approximately $5,000 in just hours, bringing the price to just over $102,000. Since then, there has been a partial recovery, and Bitcoin now stands above $103,000, with its market capitalization bouncing back to $2.050 trillion.

Bitcoin’s dominance in the altcoin market has surged to nearly 61%, recovering from a dip below 59.5% observed just a week prior.

Alts Dipped Again

Ethereum had recently surpassed $2,700 but faced a downward push in the following days, currently trading at $2,400 following a 4.5% decline in a single day. XRP is at a crucial support level around $2.3 after experiencing a 3% drop over the same time frame.

Additional losses were evident among SOL, AVAX, SHIB, TAO, KAS, DOT, and several others, which saw declines of up to 6-7%.

WIF suffered the largest drop among the top 100 altcoins, followed by ENA, IMX, JUP, MRK, and others.

The total market capitalization of cryptocurrencies decreased by roughly $70 billion, now settling at $3.360 trillion.