Calls Bitcoin (BTC) to raise more than $ 40,000 were interrupted when the top cryptocurrency hit a wall of resistance leading to a to sell in the early trading hours.

Data from CoinTelegraph Markets and TradingView shows that the price of BTC fell to $ 34,368 before reverting to its current price of $ 37,300.

Daily cryptocurrency market performance. Source: Coin360

It is possible that the excitement surrounding the announcement of a $ 1.9 trillion stimulus bill from the incoming Biden government quickly turned into a buy of the rumor, sell news event as questions surfaced about the feasibility of parts of the bill.

BTC / USDT 4-hour chart. Source: TradingView

Bitcoin’s dip also comes after renewed criticism from global regulators, as European Central Bank president Christine Lagarde recently stated that the top cryptocurrency is “totally reprehensible money laundering activitiesThis was followed by an announcement on January 15 from a UK financial adviser petitioned the UK government and the Parliament to ban cryptocurrency transactions.

Traditional markets are feeling the pressure

Harsh words from government officials were not the only cause of the downturn in the cryptocurrency market as a scan of global financial markets shows signs of increasing pressure.

The S&P 500 and NASDAQ were under pressure from the opening bubble, closing the day at 0.72% and 0.73%, respectively. The Dow managed to push back against bears to end the day by 0.3%

A broader examination of global markets shows that gold and silver closed 1.07% and 3.17%, while oil and the 10-year US Treasury bond lost 2.93% and 3.59%.

Altcoins keep pushing higher

BTC / USD daily chart. Source: Coin360

Despite the increased selling pressure in the market, several altcoins showed strength. Chain link (LINK) experienced one peak overnight and is currently trading at $ 20.50, up 13.9% over the 24-hour period. Cosmos (ATOM) is up 21.62% and is trading at $ 7.81.

Meanwhile, Ether (ETH) has faced the same pressures as the broader Bitcoin. At the time of writing, the top altcoin is down 4.8% and is trading at $ 1,172.

The total cryptocurrency market cap is now at $ 1 trillion and Bitcoin’s dominance rate is 68%.