Traders and investors in the crypto market have cautioned restraint as Bitcoin and other cryptocurrencies have remained subdued in the last 24 hours.
Nervous traders don’t know what to expect next from the ever-volatile space after last week’s price crash with BTC below $30,000, ETH below $2,000, and BNB below $400 until its recent slow recovery.
Data from TradingView shows that while Bitcoin’s price has managed to put in higher highs and higher lows over the past week, bulls continue to face stiff resistance at any meaningful attempt to break above $40,000 as bears continue to play in.
Also, several traders are unsure of what next is in store for Bitcoin and other crypto prices.
Bitcoin tests $40,000 after Joe Biden boost
The Biden administration plans to submit a $6 trillion spending budget proposal later this week Accor to New York Times. Right after the news, Bitcoin’s price increased to above $40k but failed to sustain. It currently trades around $36, 830.
The entire crypto market and even the stock market responded to the announcement as all markets painted green for a while before correction.
According to a New York Times report, Joe Biden’s $6 trillion budget is the highest amount the U.S would spend after World War II as the American president aims to push for a more expensive annual budget onwards.
Per history, the new proposed budget indicates a bullish backstop for BTC as it rallied 1,582% from its $3,858 low in March 2020 as the U.S. government ramped up spending to unprecedented levels to combat the coronavirus pandemic.
Bitcoin dominance above other crypto remains stable above 40% while its market cap still wanders below $700 billion.
Altcoin in pool of red
Altcoins in the past 24 hours also have suffered even more loss than Bitcoin with XRP leading the loss in the last 24 hours plunging by -10.8%.
Ethereum, which was close to reaching $3,000 just a few days ago, has dropped to below $2,600 after another 6.5% decline since yesterday. BNB (-6.5%) is down to $340, Dogecoin (-4.5%) trades at $0.325, Uniswap (-3.5%) is below $27, and Bitcoin Cash (-4.5%) struggles to remain above $700.
ADA (-8.5%) LINK (-10.5%) MATIC (-17.0%) have lost the most from the larger cap altcoins.
Nexo has dropped the most since yesterday from the top 100 following a 15% decrease. Enjin Coin (-15%), Polygon (-13%), Telcoin (-11%), Stacks (-11%), Revain (-10%), OMG Network (-10%), Aave (-10%), and Zilliqa (-10%) are next.
Ultimately, the crypto market cap has plunged by over $100 billion and now down by -4.3% to $1.6 trillion.