Bitcoin is struggling to maintain the $29,000 price level, trading sideways over the past week. The cryptocurrency is currently down 0.2% on the day to $29,150 according to CoinGecko. Bitcoin has found resistance at the $29K mark recently after failing to break out above it. The lack of momentum in either direction points to uncertainty in the market as buyers and sellers reach an equilibrium. While Bitcoin has avoided dropping below $29K so far, it remains to be seen whether this support level will hold in the coming days absent a catalyst to drive prices higher. Overall, Bitcoin appears to be treading water around the $29K zone as it fights to stay afloat during the ongoing crypto bear market.
Bitcoin attempted a price breakout above $29,200 but was swiftly rejected back down to the $29K level.
Meanwhile, Bitcoin’s dominance or market share relative to altcoins has trended upward over the past day. This signals that Bitcoin has been outperforming other cryptocurrencies in the latest market dynamics. Despite its setback in breaking $29K convincingly, Bitcoin is holding its ground better than the wider crypto market.
The failed breakout underscores the struggle Bitcoin faces in maintaining solid upside momentum. For now, the $29K zone remains a stubborn price hurdle as Bitcoin fights to stay afloat amid broader crypto market headwinds.