Bitcoin has hit resistance in its attempt to reclaim the psychologically important US$60,000 level, with one analyst warning another selloff could be brewing.

After trading as high as nearly $59,900 around 4am AEDT, BTC slipped well under US$59,000 as the weekly close at 11am AEDT (midnight UTC) approached.

A little after noon, the original cryptocurrency was trading for just above $58,000, down 2.3 per cent from yesterday.

“I still do think there’s a higher probability for lower prices in the coming days/weeks,” wrote Bitcoin Charts before the close, noting Bitcoin was showing signs of bullish exhaustion and had lost a couple of support levels.

Ethereum was changing hands for US$4,222, down 3.9 per cent from yesterday.

Crypto market down 2.5%

Overall the crypto market stood at US$2.58 trillion, down 2.49 per cent from 24 hours ago.


All of the top 20 coins were down except Solana, Avalanche and the Coin. SOL and AVAX were both up around four per cent, to US$2224 and US$133, respectively, while CRO had pumped 23 per cent to 70c.

Earlier this morning it had hit an all-time high of 79c, up from around 20c at the start of the month.

The crypto has been on a tear since buying the naming rights to the Los Angeles arena formerly known as the Staples Center, where the Clippers and Clippers play.

Elrond, ZCash soar

ZCash was the biggest gainer in the top 100, up 24.1 per cent to US$221 after developer the Electric Coin Co. released plans on Friday to move the privacy coin to proof of stake within three years.

No. 25 crypto Elrond (eGLD) was up 16 per cent to an all-time high of US$451 after the smart contract platform on Friday announced a US$1.29 billion liquidity incentive program for its Maiar DEX DeFi platform.

“This is perhaps the largest DeFI incentive program to date, and represents a massive step toward pushing DeFi adoption beyond the current boundaries of the crypto space, into the mainstream,” Elrond Network chief executive Beniamin Mincu said in the announcement.

No. 188 crypto Trader Joe, the decentralised exchange on Avalanche, had hit an all-time high of US$5.09 yesterday. At noon it was up 6.9 per cent to US$4.60.

Kadena was the biggest loser in the top 100, falling 10.9 per cent to $US17.43 after its huge moves earlier in the month.