Bitcoin (BTC) once again ran into heavy resistance at the key $53,000 level Tuesday, suggesting that the largest crypto will continue to consolidate before its next big move.
Following a quiet three-day weekend in the U.S., bitcoin Tuesday quickly rose from $51,600 to just a few dollars shy of $53,000 before selling pressure quickly forced a reversal, with prices tumbling to as low as $50,700. The price has recovered somewhat since, trading at $51,260 at press time, down 1.15% over the past 24 hours.
Ether (ETH), the second-largest crypto asset by market capitalization, suffered a similar fate, tumbling to $2,900 after earlier crossing above $3,000 for the first time since April 2022.
Bitcoin’s sell-off mirrored price action from Thursday and Friday when intraday rallies above $52,500 reverted almost immediately.
