Bitcoin Struggles at $67,000 as Polkadot (DOT) Tests $6.5 Resistance (Market Watch)

The cryptocurrency market has been trending sideways for the past few days, following the considerable declines at the beginning of the week. Traders now seem to be looking for a direction and major cryptocurrencies are trading at significant levels.

Let’s start with Bitcoin.

Bitcoin struggles at $67,000

Bitcoin price seems unable to break above $67,000 for good, after falling towards this earlier in the week. At the time of writing, BTC is hovering around this level, trading with a 1% loss over the past 24 hours.

Source: CoinGecko

As seen on the chart, the price tried to move above $68,000 yesterday, but the sellers intercepted the move and prevented any further increase.

The prevailing action remains quite choppy, capturing many overexposed leveraged positions and liquidating them. In fact, around $110 million of leveraged positions were wiped out in the last 24 hours alone, with almost $30 million worth of BTC. This is what the liquidation heatmap looks like at the time of writing:

Source: CoinGlass Altcoins can’t progress either

The altcoin market is also not making progress, with most of the top 100 cryptocurrencies by total capitalization unable to chart any gains.

Source: Quantify Crypto

Solana is down 2.6% and is currently trading below $15, while XRP fell below the critical $0.5 level and is now down 1.5%. Polkadot, although down 1.4% on the day, is now testing the important $6.5 level, and if it breaks higher, the bulls may try to trigger an uptrend.

Binance Coin trades mostly flat on the day, which is also more or less true for Ethereum (ETH).

Meme Coin Outlook

It’s safe to say that meme coins have become a major part of the broader market in 2024. However, this week’s crash didn’t exactly spare them either.

Here’s how it’s performed over the past 24 hours:

DOGE lost 0.4% SHIB is trading flat. PEPE down 4.8% WIF down 3.9% FLOKI lost 3.1% Book of Meme (BOME) exploded 10%

The reason for BOME’s impressive performance is that Coinbase, the leading US-based cryptocurrency exchange, announced its support.

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