Although Bitcoin initially rose to the level of $38,000 in the past few days, it has now failed to sustain its upward movement and dropped to the $34,000 level.

Most of the large-cap altcoins also lost some momentum after yesterday’s gains, but altcoins continued to reduce the dominance of bitcoin and dropped it below 64%.

Bitcoin stopped at the level of 38 thousand dollars and returned to the level of 34 thousand dollars:

Bitcoin stopped at the outskirts of $38,000 and remained stuck in the $34,000 to $37,000 range.

In the last 24 hours, Bitcoin started to rise and made its highest daily high of around $38,000.

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While the bulls welcomed this development in the Bitcoin movement, the bears quickly took control and did not allow any further increases above the $38,000 level.

On the contrary, they pushed the price of Bitcoin to head south.

In the following hours, bitcoin fell to an intraday low below the $35,000 level.

Although Bitcoin has bounced back and regained some ground, it is still down 7% since yesterday.

Technical indicators are showing that Bitcoin has dropped below the first support levels at $37,000 and $36,000.

If bitcoin continues to lose value, the next support lines are located at $34,800, $34,000 and $33.135.

Altcoins are red:

Most of the altcoins have recorded new gains and numbers in the past few days, fueling speculations of the beginning of the altcoin season.

But the situation has changed since the last hours of yesterday.

Where most of the alternative digital currencies declined, led by the digital currency “BNB” and “DOT”, which achieved new peaks to correct and retreat to lower levels.

The digital currency “BNB” fell to a value of $41.72, while the digital currency “DOT” decreased by 1.7%, and its current price revolves around the level of $ 15.

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The digital currency “Bitcoin Cash”, “LINK”, and “Cardano” also declined and were not spared from the first 30 altcoins except for at least IOTA and VET at the time of writing this article.

Amid this decline, the digital currency “HBAR” of the “Hedera Hashgraph” project was alone with a rise of more than 46%, as its price rose at these moments to the price of $ 0.093.

The currency’s rise comes after the UK’s National Health Service (NHS) announced that it will monitor coronavirus vaccines using the Hedera blockchain.

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The cryptocurrency “Enjin Coin” also made huge gains, rising 42% to $0.40.

The currency rose after positive news was reported yesterday that the Financial Regulatory Authority of Japan (JVCEA) approved the inclusion of the ENJ digital currency on the “Coincheck” platform.

With the massive correction in Bitcoin and most of the large altcoins causing a loss of $50 billion, the crypto market still maintains its total market value above $1 trillion.

Additionally, the surge in low- and mid-sized cryptocurrencies has reduced the market dominance of Bitcoin, which has fallen to 64% at the time of writing this article.

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