Bitcoin (BTC) faces strong resistance at $107,000, altcoins fall sharply (Market Observations) The price of Bitcoin began to rise sharply on Sunday night but then saw a severe pullback, dropping nearly $5,000 within a few hours. Many altcoins also followed suit, with significant declines in SOL, ADA, AVAX, SHIB, and others. BTC halted at $106,000 Last Monday was also quite a turbulent day for BTC, as its price rose to nearly $106,000 for the first time since the end of January, before falling below $101,000 within a few hours. However, bulls successfully kept the BTC price in the six-figure range and began to rebound, eventually pushing BTC prices back into a narrow range between $103,000 and $105,000. Most of this week, BTC prices have hovered between these two ranges, and the weekend began with a subdued tone as is usually the case. However, the situation changed suddenly on Sunday night, as bulls launched an unexpected rebound that briefly pushed Bitcoin up to $106,000, before leveling off, but then a stronger rally ensued pushing it above $107,000, reaching a several-month high. Subsequently, Bitcoin faced another pullback, plummeting about $5,000 within a few hours to just above $102,000. Since then, Bitcoin has regained some ground and is currently above $103,000, with a market cap back to $2.05 trillion. After dropping below 59.5% last week, its dominance over altcoins has surged to nearly 61% on CG. Ethereum recently soared above $2,700, but its upward momentum was hindered in the following days and continued to decline. Its current trading price is $2,400, down 4.5% for the day. Ripple (XRP) is down 3% today, currently sitting around the key support level of $2.3. Cryptocurrencies like SOL, AVAX, SHIB, TAO, KAS, DOT have seen even larger declines, with drops of 6-7%. WIF saw the largest decline among the top 100 altcoins, followed by ENA, IMX, JUP, MRK, and others. The total market capitalization of cryptocurrencies has shrunk by about $70 billion, dropping to $3.36 trillion on CG.