Bitcoin's Price Dips Below $28K as Traders Take Profits

Bitcoin's Price Falls Below $28K as Traders Cash in Profits

Bitcoin (BTC) faced a downward turn as it slipped below the $28,000 mark during early trading on Tuesday.

This decline came just hours after the crypto crossed this threshold at the beginning of the week. Profit-taking and shifting on-chain metrics played a role in halting the recent upward momentum in BTC’s price.

During Asian trading hours on Tuesday, BTC was trading at slightly over $27,600. Over the past 24 hours, Ether (ETH) has also experienced a decline of 3.5%, especially following a lackluster first day of trading for ETH futures ETFs in the United States.

Additionally, XRP and BNB Chain’s BNB token saw a drop of 2.7%, while Dogecoin (DOGE) and Tron Network’s TRX suffered more significant losses of up to 4%.

In contrast, Rollbit’s RLB tokens bucked the trend by surging 8%, extending a multi-day streak. This increase can be attributed to rising token demand and platform revenues.

The crypto market had shown promise on Monday due to optimism surrounding ETFs, which some traders believed could inject renewed interest and capital into a relatively stagnant environment.

Some even pointed to the historical trend of price surges in October, hoping for a repeat of this unexplained phenomenon.

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Judith Faith

Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.