Bitcoin suddenly turned down sharply by more than $ 1,000 after the market lost its growth momentum around the $ 28,500 area.

BTC price chart – 1 day | Source: TradingView

Bitcoin rebounded sharply early yesterday, hitting a local peak at $28,580, the highest level since the August 15 price drop.

However, the market was unable to sustain the upward momentum, as the leading asset quickly shed more than $1,000 in the face of strong selling pressure, returning to close to the $27,000 region and is currently trading around $27,500, recording a loss of more than 1.5% on the day.

BTC price chart – 4 hours | Source: TradingView

Altcoin market is on fire after BTC lost momentum around the $28,500 area.

Pepe (PEPE), Frax Share (FXS), ApeCoin (APE), THORChain (RUNE), GMX (GMX), Immutable (IMX), Sui (SUI), Curve DAO Token (CRV), Lido DAO (LDO), Toncoin (TON), Internet Computer (ICP), Compound (COMP), Injective (INJ), Cosmos (ATOM), The Graph (GRT), Chainlink (LINK), The Sandbox (SAND)… lost 4-7% of value just in the last 24 hours.

However, Bitcoin SV (BSV) appears to be the only project bucking the market trend in the short term, bouncing more than 20% on the day, taking its total gains for the week in excess of 35%.

Source: Coin360

Similar to Bitcoin, Ethereum ( #ethereum ) also lost growth momentum after failing to surpass the $1,750 mark. Strong selling pressure has caused the asset with the second largest capitalization on the market to return below $1,700 and is currently being traded around $1,665, losing 3.5% of its value compared to the previous 24 hours.

ETH Price Chart – 4 Hours | Source: TradingView

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