Bitcoin’s weekend rally ended after the price failed to hold above $70,000 and fell back to around $68,000.
The move came after BTC surged from a 15-month low of $60,000 to a high of $72,000 in a short period of time, before leveling off and eventually losing momentum.
Although buyers managed to defend the decline below $66,000 last week. However, selling pressure resurfaced when the price hit $70,000, ending the short-term rally.
Ethereum also faced pressure, failing to hold above $2,100 and is now trading below $2,000. XRP and Dogecoin are among the major altcoins that recorded significant declines in the past 24 hours.
Several other altcoins including XMR, ZEC, WLFI and MNT also suffered daily losses, while Pi Network token was pushed above $0.20 before falling to around $0.17.
Overall, the crypto market capitalization shrank by around $70 billion in a day, reflecting cautious sentiment among investors after the weekend surge failed to continue.
