Bitcoin rejected at $ 49,000 after posting 4-week high (market watch)

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After peaking nearly a month above $ 49,000, bitcoin has retreated over $ 1,000 and is currently struggling below $ 48,000. Most of the alternative parts are also at a standstill today, with the apparent exception of Algorand, Tezos, and Axie Infinity.

Bitcoin failed at $ 49,000

Since late September, when BTC fell below $ 41,000, the price of the asset has gradually increased. After a few hourly increases, he rose above $ 43,000, then recovered $ 47,000 in just a few days.

This led to mining $ 48,000 on Saturday, which he held for a while. Bitcoin briefly returned to $ 47,000 on Sunday, but the bulls regained control and sent it north.

This time, BTC even crossed $ 49,000 for the first time since early September. However, it failed to continue to rise and the subsequent rejection resulted in a drop of over $ 1,500.

For now, bitcoin has gained ground but remains below $ 48,000. Nonetheless, its market cap is just over $ 900 billion and the dominance over alternative coins is 42.5%.

BTCUSD. Source: TradingViewAlts Stall: XTZ sets new record

Most altcoins have performed similarly to their leader over the past few days. Ethereum had fallen to $ 2,900, but the market rally took it back above $ 3,400 yesterday. A slight retracement over the past 24 hours, however, has pushed ETH below that level now.

Cardano is among the biggest losers in the top 10 coins, dropping 4%. As a result, ADA fell below $ 2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche and Uniswap are also well in the red on a daily basis.

There are a few exceptions, however. Luna rose 4% to exceed $ 45. Algorand has climbed almost 15% and is currently above $ 2.

As previously reported, AXS hit a new all-time high after another massive double-digit increase. Tezos (XTZ) posted a record of its own hours above $ 9 after a daily increase of 10%.

Overview of the cryptocurrency market. Source: quantifying crypto

After hitting a multi-week high above $ 2.150 billion, the cryptocurrency’s market cap also declined by $ 50 billion in one day.

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