Bitcoin Stays Around $28k As Bulls Expect A Push Higher

TL;DR

• Bitcoin’s price has remained just below the $28k level as bulls expect a push higher in the near term.

• The total crypto market cap stands at $1.09 trillion.

Bitcoin Hovers Around $28k

The cryptocurrency market underperformed over the weekend, with the prices of most coins and tokens still in the red zone. Bitcoin is down by 0.3% over the last 24 hours and continues to trade just below the $28k level.

The world’s leading cryptocurrency by market cap underperformed last week, but bulls are optimistic its price could surge higher in the near term as it defends its position above the $27k support level.

Market analysts believe that it would require a big buyer to push Bitcoin’s price above the $28k resistance level as traders continue to short every lower timeframe bounce at the moment. 

Some analysts believe that it might not be a good idea to short Bitcoin at the moment as there could be a major breakout.

With Bitcoin still underperforming, the total cryptocurrency market cap still remains around the $1.09 trillion region.

Altcoins have also been underperforming over the last 24 hours. AVAX, Avalanche’s native coin, is the worst performer amongst the top 20 cryptocurrencies by market cap, down by more than 3% in the last 24 hours. 

AVAX’s poor performance can be attributed to the Stars Arena platform experiencing an exploit over the weekend. Stars Arena is a social app on the Avalanche blockchain and has already gained glowing reviews from the Ava Labs team. The platform saw $3 million drained from its pool by hackers roughly a week after its launch.