Bitcoin (BTC) Price Unsteady at $66K, Polkadot (DOT) Holds Steady at $6
Bitcoin (BTC) Price Unsteady at $66K, Polkadot (DOT) Holds Steady at $6
BitcoinBitcoin (BTC) Price Unsteady at $66K, Bitcoin (BTC) Price Unsteady at $66K, Polkadot (DOT) Holds Steady at $6 (DOT) Holds Steady at $6(Image-Getty)
In the last 24 hours, the crypto market experienced mostly minor losses, with Bitcoin and several altcoins showing red on the daily charts.
Bitcoin Struggles Around $66K
Bitcoin had a relatively calm weekend, trading within a narrow range between $66,000 and $66,500. Despite attempting to break above $66,500, it failed to sustain the momentum.
Earlier in the previous business week, Bitcoin made an effort to surpass the significant $70,000 mark following another tranquil weekend. However, bearish forces quickly intervened, pushing the price down by $4,000. This movement occurred in anticipation of the US Consumer Price Index (CPI) release and the subsequent Federal Open Market Committee (FOMC) meeting.
When the inflation data exceeded expectations, Bitcoin surged back to $70,000. Yet, the Federal Reserve's decision not to lower interest rates, contrary to the European Central Bank’s (ECB) actions, caused another drop. Bitcoin then hit a monthly low of $65,000.
Despite this, BTC recovered some ground by the weekend, rising slightly above $66,000. Over the next 48 hours, it remained within this range but made an unsuccessful attempt to reach $67,000 earlier today. Currently, Bitcoin is trading just above $66,000 following a minor retracement.
Altcoins in the Red
In addition to Bitcoin's struggles, many altcoins have also seen declines. Avalanche (AVAX), Near Protocol (NEAR), and Uniswap (UNI) are among the most notable losers, leading the downward trend in the altcoin market.
Polkadot Defends $6
Amid these market fluctuations, Polkadot (DOT) has managed to hold its ground at $6, showing resilience in the face of the broader market downturn.
Conclusion
The cryptocurrency market continues to face challenges, with Bitcoin struggling to maintain stability around $66,000 and several altcoins experiencing declines. However, Polkadot's ability to defend its $6 position demonstrates some resilience amidst the volatility. As market participants look ahead, the performance of these digital assets will likely be influenced by broader economic factors and central bank policies.
