Bitcoin (BTC) failed to reclaim $17,000 over the weekend after Friday’s bruising session.
At $16,750, the BTC/USD pair remains below the 20-day price moving average and has not made any significant progress during Monday’s opening hours.
Further downside could see Bitcoin fall back to $16,500 where support is likely to be found.
Can Bitcoin (BTC) Reclaim $17,000? – Source: currency.com
Ethereum (ETH) is also struggling to recover from Friday’s loss, although the ETH/USD pair has gained at least a percentage point over the weekend and is currently changing hands at $1,180.
If the bears take effect, ETH is in for another downtrend to $1,150.
Across the broader altcoin space, there is a general bearish climate, particularly for the Cardano (ADA) blockchain, which has made no discernible progress after collapsing 12% on Friday or 14% week-on-week.
Dogecoin (DOGE) is also down by double digits over the week, while Polygon (MATIC) and Polkadot (DOT) are little better off.
Tron (TRX) is an altcoin that manages to outperform the market. The Ethereum alternative has managed to stay in the green throughout the week and has a market cap of $5 billion.
Toncoin (TON) continued its hot streak Monday morning, adding another 3%, while decentralized finance (DeFi) protocols Curve and 1inch Network were also among the top gainers of the day.
On the other hand, iFinex’s LEO token suffered a 5% drop in its market cap, as did OKB, the native token of the OKEx cryptocurrency exchange.
The global market cap across the crypto space is currently $810 billion, while the total value locked in all DeFi protocols is currently $40 billion.
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