Bitcoin’s price attempted to break through the $95,000 resistance; however, the bears swiftly responded, pushing the asset southward by a significant margin. This action has contributed to a red day for many altcoins, with Litecoin (LTC) leading the adverse trend following the US SEC’s delay in making a decision on a crucial ETF application.
BTC Stalls at $94K
After a robust performance at the end of April and the beginning of May, Bitcoin’s price had been on the offensive, recovering from a drop to $93,000. This support line has proven vital for the cryptocurrency, particularly following a successful retest last Wednesday. In a matter of hours, Bitcoin surged several thousand dollars, reaching above $97,000. The bullish sentiment intensified on Friday when BTC touched $98,000 for the first time in over two months.
However, as the bulls prepared to challenge the coveted $100,000 level, the situation took a downward turn. Over the past couple of days, Bitcoin has retraced towards the crucial $93,000 support. Although it rebounded briefly, it faced resistance around $95,200 and has settled back to just over $94,000 as of now. Its market capitalization remains relatively stagnant at $1.870 trillion, while its dominance over the altcoin market is nearing 62% on CoinGecko.
LTC Drops Hard
Litecoin encountered a harsh decline yesterday when the US SEC announced it would extend the deadline for making its final decision on the ETF application by another month. While this development was anticipated, it resulted in a significant drop for Litecoin, which has seen a 7% decrease and is now trading just above $80.
Many other larger-cap altcoins experienced losses as well, including XRP, DOGE, ETH, ADA, SUI, LINK, LEO, XLM, AAVE, and APT, with declines reaching up to 5%. Conversely, BNB, TAO, and XMR have managed to post minor gains amidst the broader market downturn. Overall, the total cryptocurrency market capitalization has decreased by approximately $40 billion, bringing it down to $3.030 trillion, according to CoinGecko.
