• Bitcoin slipped to a one-month low of $27,000 after rejecting the $28,000 mark.
• Alternative coins such as ARB and FXS dropped by over 25% on a weekly scale.
• Polygon’s 3% daily decline has pushed it under the $1 mark.
Bitcoin Slipped to Monthly Low
Bitcoin went to $28,000 yesterday but was rejected and plummeted to the lowest price point in nearly a month at $27,000. After a few days of trading sideways, BTC attempted another pump to reach back up to $28,000 but failed and instead kept trending down for 8% on the week.
Alternative Coins Dropping
The alternative coins have not fared any better than Bitcoin in this market watch – some coins like ARB and FXS have dropped by more than 25% in just one week. Polygon has also taken a hit with its 3% daily decline pushing it underneath the $1 mark.
Rejection at $28,000
After climbing up near its highest price point since June of last year at around $31,000 10 days ago, Bitcoin was met with fierce rejection which caused its rapid descent before eventually ending up at around $27,500 last Friday and Saturday. A second attempt was made by BTC yesterday to reach back up to above $28k but that too was blocked off causing it to drop even lower than before.
A Recovery is Possible?
Since then BTC has managed to gain some ground back and maintain its current level at around 27k – although still 8% down from where it started this week – leaving open the possibility for further recovery in the future.
Market Watch Conclusion
Overall this past week has been quite turbulent for both Bitcoin and altcoins alike with most experiencing significant losses while only Polygon saw slight gains before ultimately dropping below 1$. The next few weeks should bring us more insight into how these markets will evolve so keep your eyes peeled!