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Bitcoin Rejected at $21K, Lido (LDO) Skyrockets 20% Daily (Market Watch)

16 Jul, 20222 min readBitcoin
Bitcoin Rejected at $21K, Lido (LDO) Skyrockets 20% Daily (Market Watch)

Bitcoin’s price failed to overcome $21,000 convincingly and is now found trading below that level. Most of the cryptocurrencies also retraced following a meeting with the range resistance. The most evident outlier is LDO, up 20% in the past 24 hours.

Bitcoin Fails to Break $21K

The past 24 hours have been quite tumultuous as the entire cryptocurrency market went on a rollercoaster. BTC, for once, soared above $21K, reaching as high as $21,200 (on Binance) before getting rejected and dropping to where it currently trades at around $20,600.

This rollercoaster left a total of $136 million worth of liquidations in the past 24 hours, with the largest single liquidation order happening on OKX, carrying a face value of $2.1 million – a BTC perpetual.

Interestingly enough, ETH is in the lead when it comes to forced liquidations with $71 million – more than twice compared to Bitcoin’s liquidations.

Altcoins Retrace but LDO Soars

Most of the alternative coins are also trading in the red over the past 24 hours, after failing to sustain the gains they made in the intraday and getting rejected massively from their respective range resistance.

As seen in the above heatmap, ADA is down 1.7%, SOL is down 3.5%, ETH – 0.38%, and so forth. Even the major cryptocurrencies that are traing in the green are charting insignificant increases.

The most obvious outlier and an exception is Lido’s LDO token. The cryptocurrency is up a whopping 20% in the past 24 hours.

On another note, the sentiment seems to be improving a bit, despite the fact that it’s still in the extreme fear territory. At the time of this writing, the value sits at 21 – a considerable improvement from yesterday’s 15.


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