The price of Bitcoin continues to decline, as the major digital currency was unable to maintain a level above $61,000, which led to its decline towards the support level of $60,000.
Altcoins suffered similar declines, with DOGE, ADA, SHIB, LINK, PEPE, NEAR and others seeing declines of more than 3% over the past 24 hours.
Will Bitcoin lose the $60,000 level?
The weekend witnessed stability in the price of Bitcoin at a level slightly exceeding $64,000, and with the absence of any major developments regarding the Bitcoin ETF, prices did not witness major fluctuations on Saturday and Sunday.
However, the situation changed on Monday as selling pressure intensified, leading to a sharp decline in the value of Bitcoin to reach $58,400 on Tuesday morning, the lowest level for the largest digital currency in nearly two months.
The market responded strongly as Bitcoin managed to rise above $60,000 quickly, and the coin even rose to $62,400 during the day, but failed to maintain this level.
Currently, the price of Bitcoin has stabilized between $60,000 and $62,000.
At the same time, the market value of Bitcoin declined to less than $1.2 trillion, and Bitcoin’s dominance over alternative digital currencies decreased to 50.6%, according to “coingecko.”
Large alternative digital currencies have witnessed a clear decline over the past period.
During the same period of time, some alternative digital currencies were not affected, but rather the opposite, as both TON and TRON rose by 5% and 6%, respectively, on the weekly level.
The total market capitalization of cryptocurrencies has fallen by more than $30 billion over the past few hours, currently reaching $2.37 trillion.
