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Bitcoin Altcoins Experience Price Decline Following BTC’s Failure to Sustain $55,000 Mark

In the past 24 hours, the cryptocurrency market has seen an estimated 8% valuation pullback due to Bitcoin (BTC) failing to maintain a price above $55,000. Additionally, top altcoins have broken through their respective critical support levels.

Following suit, BRC-20 tokens have exhibited a similar trend, wiping out a significant portion of their respective portfolios. Over the last day, leading BRC-20 tokens like Ordi (ORDI) and 1000SATS (SATS) have declined by 17.38% and 26.71%, respectively.

Ordi (ORDI):

Amid ongoing adjustments in the cryptocurrency market, Ordi has experienced a valuation correction of over 17%. Its 24-hour trading volume stands at $278.177 million, with a change rate of +92.42%. Notably, this altcoin has plummeted by 64.60% this year, signaling a bearish sentiment.

The MACD indicator shows rising red histograms, indicating selling pressure outweighing buying pressure in the crypto space. Additionally, the moving average suggests an increased bearish sentiment, implying that prices will continue to rise this week.

If the market keeps ORDI token prices above the critical support level of $28.25, bulls will regain momentum and prepare to test the upper resistance level of $50.75 in the coming weeks. Conversely, if bears maintain dominance, ORDI’s price will test its low point at $17.80.

1000SATS (SATS):

Following in the footsteps of category leaders (the second-largest BRC-20 token by market capitalization), SATS has plummeted over 27% in the past day and 62.82% in the last month. Furthermore, SATS prices have dropped by 84.76% this year, highlighting strong bearish sentiment.

The MACD histogram displays a consistently flat line, indicating weak price trends for altcoins in the market. Additionally, the moving average shows a neutral trend, suggesting uncertainty in future price movements.

Moreover, the SMA indicator has consistently acted as resistance on the SATS price chart within the 1D timeframe, reinforcing the prevailing bearish sentiment in the cryptocurrency space.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Neutral

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