Arbitrum Plummets 25%, Bitcoin Reaches Low: Market Watch

• Bitcoin went to $28,000 yesterday but the immediate rejection pushed it back down to $27,000.
• Alternative coins are in no better shape, with some such as ARB and FXS dumping by over 25% on a weekly scale.
• BTC was stopped after attempting a price pump to $28,000 and registered its lowest price position in almost a month at $27,000.

Weekly Market Watch

Bitcoin (BTC) dropped to its nearly one-month low of $27,000 this week after an attempted price pump of $28,000 was rejected. Meanwhile, alternative coins such as ARB and FXS have seen even bigger losses of over 25% on a weekly scale.

Bitcoin’s Price Drop

Just 10 days ago, bitcoin stood above $30,000 and even challenged $31,000 to mark its highest price point since June last year. However, the bears stepped up at that point and reversed the asset’s trajectory. BTC fell below $30,000 days later and began losing value rapidly last week. This resulted in dropping to $27,500 by Friday and Saturday before going down even further to its current level of around $27K.

Alternative Coins Hit Harder

Polygon has seen 3% daily decline pushing it under the $1 mark while other alternative coins have lost much more than bitcoin on a weekly basis – for example ARB and FXS have both dropped by over 25%.

Short-term Outlook

At present there is little sign that bitcoin will recover any time soon as it continues trading sideways at its current level. Similarly alternative coins remain bearish with little hope for any kind of bullish reversal in the near future.

Long-term Prospects

Despite this bearish outlook for cryptocurrencies over the short term analysts remain optimistic about their long term prospects with many believing that these assets could still be headed towards new all time highs eventually once again given their historical performance in bull runs