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Bitcoin’s price movements continue in an underwhelming manner as the asset was stopped ahead of $85,000 yesterday and pushed south by about two grand.
Several altcoins have produced notable losses over the past 24 hours, led by PI’s price plunge.
$BTC Stopped at $85K
The primary cryptocurrency went through a highly volatile start of the previous trading week, which is in contrast of the most recent movements. Back then, the asset plunged hard on Monday and Tuesday, dropping by $9,000 within 48 hours to a four-month low of under $77,000.
However, the bulls finally stepped up at this point and didn’t allow another breakdown. $BTC started to recover some ground and almost immediately reclaimed the $80,000 target. It jumped to $85,000 on Wednesday following favorable US CPI numbers but lost the momentum in the following days and spent the weekend trading sideways around $84,000.
After another failed attempt at $85,000, bitcoin slipped to $82,000 but managed to defend that level. This resulted in another surge toward $85,000, but to no avail. As of now, the cryptocurrency struggles below $83,000 after losing about two grand since yesterday’s peak. At the same time, CryptoQuant’s CEO warned that the bull run may have come to an abrupt end.
For now, $BTC’s market cap has declined below $1.650 trillion, while its dominance over the alts on CG is at 58.6%.
PI Keeps Dumping
Most altcoins are in the red on a daily scale. The negative trend has a leader named PI. Pi Network’s native token has plunged by another 16% in the past 24 hours and now struggles to remain above $1.1.
Solana, Cardano, Dogecoin, Ripple, Shiba Inu, and Litecoin follow suit from the larger-cap alts, with losses of up to 4% in the case of SHIB and LTC.
In contrast, OKB has gained over 5% and sits well above $50. AVAX, TRX, and TON are the other larger-cap alts with notable gains.
The cumulative market cap of all crypto assets has dropped by about $20 billion since yesterday to $2.8 trillion on CG.
