Bitcoin Struggles at $66K; Ripple’s XRP Defies Bearish Momentum (Market Watch)

The cryptocurrency market has failed to recover as swiftly as many expected it to, and Bitcoin’s price seems to be struggling to break above $66K definitively. Most of the altcoins are also trading in the red, with two notable exceptions.

Bitcoin Fails at $66K

As seen in the chart below, Bitcoin’s price was unable to retain its bullish momentum that took it all the way to $68K.

BTC has since retraced, declining by more than 2% on the day, trading where it’s currently at around $65,500.

The sentiment is currently mixed, with many believing that there’s more pain to come. The other end of the spectrum is analysts who claim that this is nothing but a normal correction following months of “up only” action. Meanwhil, spot Bitcoin ETF flows continue to be negative for the fourth day in a row.

Ripple Defies Market Sentiment

While the short-term market sentiment remains rather mixed, leaning toward bearish, Ripple’s XRP managed to increase by a considerable 4% on the day. The coin is currently trading at around $0.63 and together with BNB are the best-performing major altcoins trading substantially in the green.

The best-performing cryptocurrency for the past 24 hours is Fantom, which increased by a whopping 12.1% in that time. FTM is followed by the Internet Computer (ICP) and Ronin (RON), both of which are up by around 10%.

On the other end of the spectrum, Bittensor’s TAO token is down 9%, followed by FLOKI, which tumbled by 8%.