Crypto Market Stumbles as Bitcoin Fails to Break Through
The cryptocurrency market faced a downturn as Bitcoin failed to break through the $72,000 resistance level. This led to widespread losses, with Notcoin, Wormhole, and Mantra among the top losers. Despite the setback, cryptocurrencies are unlikely to reach zero due to institutional support and long-term investor commitment.
The cryptocurrency market has experienced a turbulent week, failing to break out of its consolidation phase. Bitcoin, the leading cryptocurrency, was unable to surpass the critical resistance level of $72,000, leading to a sharp decline in prices.
Bitcoin's Decline Triggers Wider Market Downturn
Bitcoin's attempt to breach the $72,000 resistance level met with significant selling pressure, causing its price to plummet to $67,500. This 6% decline dragged the entire market down by more than 3% within the past 24 hours. The market's inability to sustain momentum beyond this key resistance point triggered a wave of selling across various cryptocurrencies.
Will Cryptocurrencies Reach $0?
Despite the recent downturn, the likelihood of cryptocurrencies reaching a value of $0 is minimal. Many institutions and large-scale investors hold significant crypto assets, providing foundational support. Additionally, long-term investors remain committed to holding through market fluctuations.
