• Bitcoin registered its first losing month since the beginning of the year in May, with a 7% decline.
• Most altcoins also had negative performance, except for Litecoin, QNT and GRT.
• The primary cryptocurrency failed to breach the resistance levels at $27,500 despite several attempts throughout the month.
Bitcoin’s First Red Month of 2023
Bitcoin had a choppy month in May as it failed to break through resistance levels at $27,500. After multiple attempts throughout the month, BTC fell hard by over a grand on Monday and then dropped even further to a multi-day low of $26,600 yesterday. This has resulted in Bitcoin registering its first losing month since the start of this year.
Most altcoins have suffered losses along with Bitcoin during May. Cardano’s ADA has declined the most from the larger-cap alts while Litecoin is up by almost 4%.
Monday’s Price Jump
On Monday BTC jumped to $28,500 due to news surrounding US government debt ceiling deal however this was short-lived as it retraced back below $27,500 by Wednesday.
Yesterday’s Price Drop
Yesterday saw Bitcoin suffer another price drop which saw it fall hard by over a grand in hours and reach its multi-day low of $26,600. Despite recovering some points since then it still trades in the red on a daily scale.
Overall Bitcoin has experienced a choppy journey throughout May which resulted in it registering its first losing month since January this year. Altcoins have followed suit with Cardano’s ADA dropping particularly significantly while Litecoin is performing better than most other digital assets with an increase of almost 4%.