Bitcoin tried to break out earlier this week but was halted at $72,000 and pushed south to a new local low of $65,500 on some exchanges for the first time since the start of the month. Most larger-cap alts followed on the way south, with ETH dipping beneath $2,000, XRP testing the $1.30 resistance, and BNB going down to $610.
Key takeaways
Quick scan — what you need to know:
- Bitcoin tried to break out earlier this week but was halted at $72,000 and pushed south to a new local low of $65,500 on some exchanges for the first time since the start of the month.
- Most larger-cap alts followed on the way south, with ETH dipping beneath $2,000, XRP testing the $1.30 resistance, and BNB going down to $610.
- BTC’s New Local Low After it was stopped at $76,000 in the previous week, bitcoin managed to remain sideways around $70,000 during that weekend before it dropped to $67,500 on Monday morning…
- However, it skyrocketed to nearly $72,000 later that day when Trump claimed the US and Iran had reached some sort of de-escalation deal.
Background
What led here, in plain terms:
- Once Iran denied the statement, BTC quickly returned to $69,000, but shot up once again to $72,000 on Wednesday, which became a weekly high.
- The bears stepped up at this point and drove it south to $69,000 on Friday.
- They picked up the pace once again at this point and pushed it further down to a four-week low of $65,500 yesterday.
- This meant that bitcoin had dropped by well over $6,000 in just 48 hours.
Why it matters
Why readers and decision-makers should care:
- The total crypto market cap has shed around $60 billion since the Friday peak and is down to $2.370 trillion on CG.
- Cryptocurrency Market Overview March 28.
- Source: QuantifyCrypto The post SIREN Soars by Triple Digits Again, Bitcoin Dipped to 4-Week Low: Weekend Watch appeared first on CryptoPotato.