Bitcoin is facing significant resistance as it hovers around the $68,000 to $69,000 range, having struggled to maintain momentum above the $70,000 mark. Over the weekend, the leading cryptocurrency briefly touched $72,000 but could not sustain this level and retreated. This price action follows a sharp correction that began in late January when Bitcoin plummeted from nearly $90,000 to a low of $60,000 in a matter of days.
The recent downturn equated to a staggering $30,000 loss within less than 200 hours, prompting a bounce back that saw BTC recover approximately $12,000 in under a day. However, this recovery has since stalled, with the cryptocurrency currently trading at around $69,500, reflecting a marginal change of +0.35%. Over the past 24 hours, Bitcoin has experienced liquidations totaling $249.25 million, with its market capitalization resting at approximately $1.39 trillion and a dominance of nearly 57% over altcoins.
On the institutional front, Bitcoin exchange-traded funds (ETFs) have seen net inflows of $145 million, while Ethereum ETFs noted an additional $57.05 million in the same period. This inflow trend occurs amidst a largely sideways market, as the total cryptocurrency market capitalization remains stable at around $2.36 trillion.
Meanwhile, Ethereum is trading slightly above $2,000, having declined by about 1.5% over the past day. Other notable altcoins include XRP, which is hovering around $1.41 after dropping 2.5%, and Solana, trading near $84 with a 1% decrease. Dogecoin is also stabilizing at approximately $0.093, down 1.6%, while TRON remains unchanged at $0.278. Lastly, BNB is just above $620 after experiencing a 1.2% drop.
As it stands, the cryptocurrency market exhibits limited recovery attempts for Bitcoin, with distinct movements among altcoins. The recent activity in ETFs indicates a growing institutional interest that has yet to translate into broader market traction.
