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Bitcoin price keeps battling its $71,000 resistance after a strong rally in the last few days. So far all the attempts to clear the supply above $71k have been in vain. Tuesday's sell-off has caused a drop in altcoins like Wormhole, which was down 11% till press time. However, some altcoins like Toncoin (TON) and Nervous Network (CKB) maintained their uptrend after catching fresh bids.
On Tuesday morning, the BTC price fell below $70,000, forming an intraday low of around $, which resulted in some profit-taking in altcoins, which is evident by a 1.16% decline in the Total3 market capitalization.
The market participants are awaiting the March CPI report, which will reveal the inflation numbers for the 3rd month of the year. This inflation data guides the Federal Reserve to make key policy decisions. The CME Fed Watch Tool currently showcases a 98.6% probability of the rates staying the same in the next FOMC meeting.
One of the most significant altcoin launched of this year has been the Wormhole airdrop. It is currently trading on all the major crypto exchanges under the ticker W and maintains a market capitalization of $1.6 billion. However, after trading above the $1 level for a couple of days, the cryptocurrency succumbed to the increasing selling pressure and hovered around $0.888 at press time.
As visible in the chart below, the price broke below the $0.93 level, which was acting as a support. A reclaim of this level could propel the price above $1 again. However, the Wormhole price would remain bearish as long as it remains below $0.93.
Among the top 100 cryptocurrencies, Nervous Network (CKB) and Toncoin (TON) have posted the most gains in the last 24 hours. With a 19% surge, CKB has surged to a $1.427 billion valuation. However, it still remains 25% down from its 2021 all-time high.
Toncoin has surged 34% in the last 7 days. On Tuesday, it surged past $7 to form a new all-time high of $7.06. A strong and persistent demand has pushed its market capitalization above $23.3 billion.
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