Another failed attempt to smash through the $60,000 mark has resulted in a $3,500 price decline for bitcoin. Most altcoins have soon followed, and the total market cap has dropped by more than $60 billion in a single day.
Bitcoin was flirting with the elusive $60,000 price line for several days, any effort to recover it, though, was met with instant rejection.
According to cryptopotato.com, in the last 24 hours, the case has occurred again. The bears gained over and pulled BTC south as it was closing in on its rounded-number nemesis.
The primary cryptocurrency lost around $3,500 in value over the next few hours, hitting an intraday low of only about $56,500. (on Bitstamp).
Bitcoin is now down over 3% on a 24-hour scale, after bouncing back and adding roughly $1,000.
According to technical indicators, BTC’s current price of about $57,500 is the first support level that could prevent another price decline. If the asset falls below it again, the next two targets are $56,600 and $54,675.