Bitcoin Price Pulls Back After Failing To Overcome Key Resistance Level

The crypto markets are losing ground after leading assets failed to overcome key resistance levels.

Bitcoin (BTC) is down 4.7% over the past 24 hours, with BTC last changing hands for $58,450, according to CoinGecko. The move comes after Bitcoin failed to hold above the key resistance area of $61,000 yesterday.

Bitcoin posted accelerated losses after falling below $61,000 during last week’s violent market downturn, establishing $61,000 as a critical level for BTC prices to overcome.

Institutions participated in the sell-off, with U.S. spot Bitcoin exchange-traded funds (ETFs) posting $81.4 million worth of inflows, according to Sosovalue. The ETFs from Franklin Templeton and BlackRock were the lone funds hosting daily inflows, taking in $3.42 million and $2.68 million respectively.

Ethereum (ETH) similarly dropped 4.8% over the past day to trade at $2,625. Bears rejected ETH after it briefly reclaimed the $2,700 range yesterday.

Spot Ether ETFs hosted their third consecutive day of inflows in spite of the pullback, with $10.8 million flowing into the sector. The market cap of Ethereum ETFs is up $40 million in the past three days.

Other major assets posted comparable losses, with Solana (SOL) shedding 4%, Polkadot (DOT) falling 3.5%, and Toncoin (TON) tumbling 9.5% after ranking as the best-performing top 100 cryptocurrency yesterday. The combined cryptocurrency capitalization is down 4.5%.

Aave (AAVE) is the top performer today with a gain of 5.3%, followed by Flare (FLR) with 2.6%, and Litecoin (LTC) with 1.7%.

The Open Network’s ecosystem projects are taking a beating, with Notcoin (NOT) suffering the heaviest drawdown among top 100 assets with 12.5%, followed by Toncoin, and Dogwifhat (WIF) with 9.4%.

Memecoins track broader markets

The memecoin sector, which historically suffers from exaggerated volatility, is surprisingly performing on par with the broader crypto markets. The combined memecoin market cap dipped 4.6% in 24 hours.

However, Base memecoins have slumped 9.2% to rank as the day’s worst-performing cryptocurrency segment, followed by cat-themed tokens with an 8.2% loss, and modular blockchain assets with 7.7%.

Not a single non-stablecoin segment posted an aggregated gain for the day.

Leverage traders suffered $146.2 millionworth of liquidations with long positions accounting for 82.7% of the losses, according to CoinGlass.

Low Ethereum gas prices and burn rate continue to inflate the supply of Ether. With more than 2,000 ETH entering supply each day, Ether’s supply is on track to tag pre-merge levels within four months, according to Ultra Sound Money.

Major stock indexes enjoy modest gains

Most global stock markets posted minor gains for the day. The Nasdaq Composite Index posted a small increase of 0.029%, Japan’s Nikkei 225 jumped 0.78%, South Korea’s KOSPI climbed 0.88%, and the Australian All Ordinaries gained 0.17%.

Taiwan’s Taiex index dipped 0.60%, while Hong Kong’s Hang Seng shed 0.025%.