Bitcoin Back At $60k as Market Fails to Build on Recent Momentum

TL;DR

• Bitcoin failed to build on last week’s momentum after the BoE’s performance pushed BTC’s price above $65k last week.

• BTC is now trading below $61k and could record further losses in the short term.

BTC Slides Back Below $61k

The cryptocurrency market turned bearish over the weekend, with most coins and tokens in the red zone. Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 2% of its value over the weekend.

The poor performance saw BTC drop below the $61k level once again. At press time, BTC is trading at $60,840.68, down by more than 5% over the last seven days. Bitcoin failed to build on last week’s performance which saw it rally above the $65k level.

BTC rallied last week after the Bank of England hinted at a possible interest rate cut this summer. However, BTC failed to capitalize on the rally and is now struggling below the $61k level once again.

With Bitcoin in the red, altcoins are also underperforming. Ether, the largest altcoin by market cap, is down by less than 1% and is trading below $2,900 per coin. Solana is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 4% of its value in the last 24 hours.