Bitcoin tried to give hope to the market by rallying in the last 24 hours but was strongly rejected at the $27,500 resistance level.
Altcoins have also turned red on the daily scale, with LTC and LDO losing the most value from the top 36 chart. As recently reported by Glassnode, BTC has been trading in a tight 3.4% range for over a week between $26,500 and $27,500 without being able to break above or below this level.
Analytics firms warn that higher volatility is likely, and the market experienced this in the past 24 hours as bitcoin surged from below $27,000 to a multi-day high of $27,500.
However, this level of resistance turned out to be too great an obstacle. BTC failed to conquer it and the subsequent rejection prompted a major drop to the $26,300.56 level. This comes amid an increasing number of reports indicating that BTC investors have been focusing on HODLing rather than trading their assets.
Most other altcoins also face the same fate. Ripple, Cardano, Dogecoin, Polygon, Solana, Tron, Polkadot, Shiba Inu and Avalanche are also in the red today. More daily declines came from Litecoin and Lido DAO.
Overall, though, the crypto market cap has seen a drop of more than $20 billion in a day.
