Altcoins Bleed Out as Bitcoin (BTC) Faced Violent Rejection at $107K (Market Watch)

Bitcoin’s price initiated a sharp upward move on Sunday evening only to have a violent rejection that pushed it south by almost five grand in hours.

Many altcoins have followed suit on the way down, with substantial losses from the likes of SOL, ADA, AVAX, SHIB, and others.

BTC Stopped at $106K

Last Monday was also quite eventful for BTC, whose price went up to almost $106,000 for the first time since late January before it crashed to under $101,000 within hours. However, the bulls managed to maintain the asset within a six-digit price territory and began a recovery that pushed the cryptocurrency back to a tight range between $103,000 and $105,000.

It spent most of the business week between those two boundaries, and the weekend began on a dull note, as most do. However, the landscape changed on Sunday evening when the bulls initiated a surprising rally that drove BTC to $106,000 at first, where it was stopped, but another, even more impressive run pushed it beyond $107,000 to mark a new multi-month peak.

Another rejection followed, and BTC slumped by roughly $5,000 within hours to just over $102,000. It has recovered some ground since then and now sits above $103,000, and its market cap is back to $2.050 trillion.

Its dominance over the alts has surged to almost 61% on CG after falling below 59.5% last week.

Alts Back in Red

Ethereum recently surged past $2,700, but it was stopped and pushed south in the next few days. Now, it trades at $2,400 after a 4.5% daily decline. XRP sits at a critical support level at around $2.3 after a 3% daily drop.

Even more declines come from the likes of SOL, AVAX, SHIB, TAO, KAS, DOT, and many others, with nosedives of up to 6-7%.

WIF has plunged the most from the largest 100 alts, followed by ENA, IMX, JUP, MRK, and others.

The total crypto market cap has slipped by around $70 billion and is down to $3.360 trillion on CG.