Bitcoin’s price failed to convincingly break above $21,000 and is now trading below that level. Most cryptocurrencies also retraced following an encounter with range resistance. The most obvious outlier is LDO, up 20% in the last 24 hours.
Bitcoin fails to break $21,000
The last 24 hours have been quite tumultuous as the entire cryptocurrency market has been on a rollercoaster ride. BTC, for once, surged above $21,000, reaching as high as $21,200 (on Binance) before being rejected and falling to where it is currently trading at around $20,600.
This roller coaster has left a total of $136 million in liquidations over the past 24 hours, with the largest liquidation order taking place on OKX, carrying a face value of $2.1 million – one perpetual BTC.
Interestingly, ETH leads in forced liquidations with $71 million, more than double Bitcoin’s liquidations.
Altcoins Retrace but LDO Soars
Most of the alternative coins are also trading in the red over the past 24 hours, after failing to maintain the gains they made intraday and being overwhelmingly rejected from their respective resistance.
As shown in the heatmap above, ADA is down 1.7%, SOL is down 3.5%, ETH – 0.38%, etc. Even major cryptocurrencies trending in the green are seeing insignificant increases.
The most obvious outlier and exception is Lido’s LDO token. The cryptocurrency is up 20% in the past 24 hours.
On another note, the sentiment seems to be improving a bit, despite still being in extreme fear territory. As of this writing, the value sits at 21 – a huge improvement from yesterday’s 15.
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