Bitcoin Price Struggles at $29K but PEPE Hype Carries On (Market Watch)

Bitcoin’s price was unable to get the quick recovery that many seemed to have hoped for yesterday. On the contrary – it is now trading slightly below $29K, and the broader market sentiment has shifted.

Meanwhile, the hype around the explosive PEPE memecoin continues. The cryptocurrency is up a few thousand percent the past couple of days, and it doesn’t seem to be slowing down.

Bitcoin Price Fights for $29K

Bitcoin’s price took a turn for the worst in the past 24 hours, tumbling below $29,000 and causing hundreds of millions in long leverage positions liquidations.

BTC tumbled toward $29K in minutes yesterday, and many were hoping for a quick recovery, but that hasn’t been the case so far. On the contrary, the price is currently trading below this level, and the market sentiment has shifted, respectively.

According to data from alternative.me, which provides multifactorial crypto market sentiment analysis in the face of the so-called Fear and Greed Index, the current sentiment is neutral at 52 points. For comparison, it was at Greed (63 pts) yesterday.

PEPE Isn’t Having It

PEPE is the latest kid on the block – an altcoin with zero value that’s created just for the meme.

The cryptocurrency started gaining traction a couple of days ago when its market cap was less than a million. Now, it’s traded on multiple major exchanges and has become the 250th largest crypto with a market cap of almost $140 million, literally printing money for those who got in early. A lot of them can’t sell at face value because of the lack of liquidity, but that’s quickly changing because it already has over $130 million worth of 24-hour trading volume, according to CoinGecko.

Elsewhere, though, the market looks grim.

As seen in the heatmap above, most of the altcoins are treading well in the red, with certain slight exceptions in the face of DOGE, TRX, and ATOM.

It’s interesting to see if the market will start recovering or if there’s more pressure coming ahead.