Bitcoin Momentum Stalls at $66K as Altcoins Sell Off

Bitcoin (BTC) has been hovering just above $66,000 despite initial dips below the level. Altcoins, including Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT), have declined in value. Bitcoin Cash (BCH) stands out as a top performer following its second halving, which reduced rewards per block to 6.25 BCH. The overall cryptocurrency market cap remains around $2.6 trillion.

Bitcoin's Momentum Stalls at $66K Amidst Altcoin Sell-off

November 10, 2021

Bitcoin's recent upward trajectory has encountered resistance once again, with the cryptocurrency hovering just above the $66,000 mark following several failed attempts to breach the $72,000 barrier. The broader cryptocurrency market has also witnessed a downturn, with most altcoins experiencing losses in value.

BTC Stalls at $66K

Over the past week, Bitcoin has faced significant headwinds, with a substantial price decline from $70,000 to below $66,500. The situation deteriorated further when BTC plummeted to a 10-day low of $64,400, prompting bulls to intervene and drive the price back up to $67,000. However, this rally was met with resistance, and BTC has since retreated to its current level, just above $66,000.

Altcoin Sell-off

The altcoin market has also taken a hit, with most major altcoins experiencing losses. Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT) have been the most notable decliners among the larger altcoins. SOL has dropped by over 4%, DOGE has lost 2.5%, and DOT has declined by nearly 2%.

BCH Soars After Halving

Despite the overall market sell-off, Bitcoin Cash (BCH) has emerged as a standout performer, surging by over 10% to trade above $670. This rally comes on the heels of BCH's highly-anticipated halving, which reduced the block reward for miners from 12.5 BCH to 6.25 BCH. The halving event has sparked excitement among BCH holders and has contributed to its recent price increase.

Market Watch

The total cryptocurrency market capitalization has remained relatively stable, hovering just above $2.6 trillion. Bitcoin's dominance has also remained steady at 49.6%, indicating that the market is still dominated by the world's largest cryptocurrency.

Outlook

The short-term outlook for Bitcoin remains uncertain, with the cryptocurrency facing resistance at $66,000. If BTC can break through this level, it could potentially retest its all-time high of $68,000. However, if resistance persists, BTC could consolidate between $65,000 and $67,000.

The altcoin market is also facing headwinds, with some analysts expecting further sell-offs in the coming days. However, the halving of BCH has provided a catalyst for a rally in that asset, and it remains to be seen whether other altcoins can follow suit.

Overall, the cryptocurrency market is still in a state of flux, with a mixture of bullish and bearish sentiment. Investors should exercise caution and conduct thorough research before making any investment decisions.