Bitcoin was falling, with the largest crypto token dropping 2% to remain below $27,000, while Ethereum was also falling, but managed to hold $1,800 levels.
Bitcoin and other leading cryptocurrency tokens were trading lower on Monday, following a weekend recovery. Bitcoin has mostly been in consolidation mode over the previous month. In the short run, the health of the global economy is expected to dictate market mood.
After a weekend rally, Bitcoin fell 2% to remain below $27,000. Its greatest peer Ethereum was also down approximately 1% but managed to hold $1,800 levels. Other altcoins were in deep red.
Bitcoin traded at $27,000 over the weekend, but has since fallen as the market prepares for a busy news week in the United States. These occurrences should be actively monitored by investors and traders because they have the ability to influence market sentiment. This week could see some market turmoil.
Bitcoin is now trading at $26,650, with a support level of $26,200 and a resistance level of $27,000. Ethereum, on the other hand, is currently trading at $1,800. There is a chance of a short surge if purchasers can keep the price above the current level.
On Monday, all of the top crypto tokens, including stablecoins, were trading downward. Solana fell more than 3% in the early hours, while Tron, Dogecoin, and Polygon also fell. Shiba Inu, XRP, Avalanche, and Polkadot all fell 2%.
The worldwide cryptocurrency market cap was trading lower, falling to $1.12 trillion after sliding nearly 2% in the previous 24 hours. However, total trade volumes increased by more than 22% to $21.30 billion.
Bitcoin miners sold 2,000 coins worth $55 million in 24 hours as investors focused on a critical support level for a potential bounce, according to Sathvik Vishwanath, a cryptocurrency analyst.