Bitcoin faces resistance at $52,000 level, experiences downward pressure, while altcoins such as LINK, UNI, and ICP see notable retracements. Market volatility results in liquidations worth $125 million.

Bitcoin attempted to breach the $52,000 level yesterday but faced resistance and experienced a significant downturn.

Many alternative cryptocurrencies have retraced even further during the same period, with LINK, UNI, and ICP leading the negative movement.

Bitcoin Falls Short at $52K

Bitcoin enjoyed a highly favorable few weeks until the beginning of this week when it surged by over ten thousand dollars, reaching a new multi-year high at $53,000. However, the past seven days have been relatively uneventful, with the cryptocurrency mainly trading within a tighter range.

Aside from the spike to $53,000 a few days ago, Bitcoin has primarily traded between $51,000 and $52,000.

Yesterday, there was a fresh attempt to surpass the $52,000 mark. However, the bears quickly intervened and pushed the price down by one thousand dollars. This volatility resulted in approximately $125 million in liquidations within the past day.

Currently, Bitcoin is struggling to maintain levels above $51,000. Its market capitalization has decreased to $1 trillion, and its dominance over alternative cryptocurrencies has fallen by 1% over the past week to 49% on CoinGecko.

Altcoins Experience Declines

While many altcoins saw significant gains yesterday, the situation has changed drastically today. For example, Ethereum reached as high as $3,000 but has since declined by 2.5%, falling to $2,930.

Ripple, Cardano, Dogecoin, Binance Coin, Polkadot, and Toncoin have also experienced similar percentage declines.

Solana is on the verge of dropping below $100 after a 4% daily decrease. Chainlink, Uniswap, and IC have each declined by around 5% to $18, $7.1, and $12, respectively.

Filecoin stands out as one of the few exceptions, having surged by over 6% in the past 24 hours.

The total cryptocurrency market capitalization has plummeted by more than $30 billion overnight, now resting at $2.040 trillion on CoinGecko.