Bitcoin Retreats to $60.5K as Crypto Market Loses 2.6% in 24 Hours, But Solana and XRP See Interest

The pressure on the crypto has been more sustained than on the stocks. Over the past 24 hours, the total crypto cap has fallen by 2.6%

The total crypto cap has decreased by 2.6%, continuing to show weakness in comparison to the stock market, which closed at all-time highs on Wednesday. Most of the downward momentum in crypto started in the US session, despite the positive market mood at the beginning of the day.

Bitcoin, Ethereum, and BNB returned to their lows in the last seven days. At the same time, smaller coins continue to attract buying interest, with Solana, XRP, and Toncoin adding 0.5-2% over the past 24 hours.

BTC/USD dropped to $60.5K at the lows of the Asian session, partially recovering to $61K at the time of writing. The cryptocurrency is under pressure but remains in a technical correction after the recent upward momentum. Only a drop below $58K will disrupt the bullish picture, breaking the concentrated support area in the form of the 61.8% level ($60.3K), the 200-day moving average ($58.3K) and the previous low ($58.2K). In this case, be prepared for a drop to $51.0K with alarming consequences for the entire cryptocurrency market.

Solana is up over the last 24 hours but is down 3% since the start of the day on Wednesday, having found technical resistance in the form of its 50-day moving average.

The fundamental picture is one of a worrying sell-off in the major cryptocurrencies despite the overall positivity in equities.