Bitcoin Struggles Above $27,000, Injective (INJ) Plunges 12% Daily: Market Watch

Bitcoin Struggles Above $27,000, Injective (INJ) Plunges 12% Daily: Market Watch

Over the weekend, the broader correction in the cryptocurrency market continued, with most projects failing to stage any kind of recovery.

The price of Bitcoin is falling towards $27,000 and is trading slightly above it at the time of writing. The last 24 hours did not offer any relief to altcoins either, with most of them continuing their decline. Let's dive in.

Bitcoin price struggles to reach $27,000

The start of the new week has done little to help Bitcoin in its attempt to recover. In fact, the price continues to decline and it looks like $27,000 is the next level the cryptocurrency will reach.

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It is worth noting that BTC attempted to reclaim $28K but was abruptly stopped at around $27.8K where bears took complete control. Since then, every hourly candle has been red.

Last week, BTC lost its largest value in five months. It's about 10% lower than seven days ago.

Altcoins continue to suffer

The altcoin market has also not recovered significantly in the last 24 hours. Ethereum is trending toward $1.8K, down 2.1% on the day, similar to the majority of major alts by total market cap.

As you can see in the heatmap below, it doesn't look very pretty.

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Injective Protocol (INJ) is the worst performer of the last 24 hours, losing over 12% in the period. The cryptocurrency is now down over 30% in the last seven days alone. Right behind is Arbitrum's ARB, which also lost around 10% today.

At the other end of the spectrum are Kaspa (KAS) and Bitget Token (BGB), both up over 6% in the last 24 hours. Except for them, everything is red.

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