The cryptocurrency market has been mostly flat over the past 24 hours, and Bitcoin has been unable to make any headway during this period. However, this could also be a step up and preparation for a $27K effort.
With a few exceptions, most altcoins have remained flat, so let’s dig deeper.
Bitcoin preparing for $27K?
Bitcoin price has failed to produce anything concrete over the past 24 hours and remains largely where it was trading yesterday – at around $26,500.
That said, according to the Glassnode co-founder, $27K appears to be the next resistance to overcome, while there could be some selling pressure driven by profit booking around $27.4K and later at $28.2K, if Cryptocurrency has to reach that level.
Overall, he believes that the current rise in the price of Bitcoin will eventually lead to another test of the coveted $30K level.
Altcoins flat, TON continues to fall
Altcoins also failed to take any action over the past 24 hours, which was perhaps to be expected, given that the market remained slow over the weekend.
The clearest example of the above is TON, which continues to rise and has gained another 12% in the last 24 hours. The cryptocurrency has consistently been among the best performers over the past week. This week it has increased by almost 40%.
Axie Infinity’s AXS token is the worst performer today, down about 6.4%, followed by Kaspa’s KAS, which is down 5.5%.
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Cryptocurrency charts by tradingview.