BTC Lost $4K In Moments While $120B From The Market Cap Vanished

BTC lost $4K in a few hours as $120 billion from the crypto market cap vanished and Ethereum crashed to $1800 with the rest of the coins struggling as well so let’s read more in our latest Bitcoin news today.

Bitcoin’s adventure above the $60K level was short-lived as the asset retraced by about $4000 from the peak to $58,000 and most of the alternative coins slumped in value with the rest of the crypto market cap losing $120 billion in one day. The weekend was bullish for the main cryptocurrency as it added $1000 in value on Saturday before going on a new high and breaking the record high of $58,000. After a few attempts, the asset overcame the $60K price tag and continued trading north, and hit a new ATH of $61,800.

However, the cryptocurrency failed to sustain its movement upwards and reversed its price trajectory since then so in the next few hours, BTC lost $4K and got to a new low of $57,500. Bitcoin then bounced off rapidly and is now sitting above the $58,000 price line. From the technical perspective, the $55,000 and the  $56,110 are the next support levels that could help BTC shoot more south. The asset could have to overcome the resistance lines of $60K and $62,170 to resume the bull run but from a technical perspective, the $57,690 and the $55,000 are the next support levels that will help the cryptocurrency head south. The asset will then have to overcome the resistance lines of $60,000 and $60,736 to resume the bull run.

Further price fluctuations can be seen from the lower and mid-cap altcoins like PundiX that lost most value since yesterday by 20% to $0.0033, CRO by 13%, NEAR by 12%, Zilliqa by 11%, and BTC gold by 11%. Despite the very few gainers like Harmony, Holo, and Enjin coin that gained 45%, 72%, and 43% respectively, the cumulative market capitalization of all crypto assets suffered a major 24-hour blow. The metric reached a new peak of $1850 trillion a day ago but then lost about $120 billion.

Also, we can see that DOT is one of the bigger gainers as it is preparing to surge higher towards $40. DOT is holding the ground above the $35 level and the $36 level against the US dollar with the price trading nicely above the $35 support and the 100 simple moving average near the major bullish line that is forming with the support at $35.80 on the 4-hour charts.