In recent weeks, Bitcoin (BTC) has made several attempts to reach and stay above $90,000, but it just can’t seem to break through that barrier. On Monday morning, it happened again — BTC briefly surpassed $90,000, but was pushed back down quickly to where it started.
Many other major cryptocurrencies, often called altcoins, followed the same trend. For example, Ethereum (ETH) went above $3,000 but dropped below it just a few hours later.
Bitcoin’s Challenge Continues
The chart below shows how Bitcoin has struggled to get past $90,000. It has faced rejection at this level six times since December 16. Even last week, Bitcoin made two attempts to rise above $90,000 but failed.
Last Monday, Bitcoin briefly climbed to $90,500, but then its price was pushed back down by $4,000 over the next couple of days. Another attempt came on Friday, but Bitcoin couldn’t even reach $90,000 that time.
Over the weekend, Bitcoin traded sideways, staying between $87,000 and $88,000. Earlier today, it surged once more, hitting $90,400. However, it dropped quickly again, resembling a pattern known as a dead-cat bounce. This pattern happens when a price recovers briefly after falling, but then continues to drop.
As of now, Bitcoin is back under $88,000. Its total market value, called market capitalization, is around $1.750 trillion, while its dominance over other cryptocurrencies is just over 57% according to data on CoinGecko (CG).
What Happened with Other Cryptocurrencies?
Ethereum (ETH), the second largest cryptocurrency and popular for its decentralized apps, followed Bitcoin’s trend earlier today. ETH briefly went over $3,000, reaching $3,050, but then dropped back to $2,960.
Binance Coin (BNB), another popular cryptocurrency, returned to $856. Meanwhile, XRP fell below its important support level of $1.90. Some cryptocurrencies had small gains, like Solana (SOL), Zcash (ZEC), and Dogecoin (DOGE). But Bitcoin Cash (BCH) saw the largest daily loss among bigger altcoins.
A smaller cryptocurrency named CC performed better, rising by almost 4% to $0.125.
The total value of all cryptocurrencies combined, known as cryptocurrency market capitalization, went up and down by $70 billion in just a few hours today. It is now back to $3.060 trillion, according to CG data.
Conclusion
Bitcoin and other cryptocurrencies are showing a lot of movement, with Bitcoin unable to stay above $90,000 and Ethereum dropping below $3,000. The market is volatile, meaning prices can change quickly within hours. Many investors are watching these movements closely to understand where the market might be heading next.