The cryptocurrency market is experiencing a downturn, with Bitcoin (BTC) dropping 2.5% and major altcoins falling by up to 4%. As of the latest update, Bitcoin is trading at $95,343.50.
The pullback comes amid a broader market correction, fueled by the US Federal Reserve's hawkish commentary. The Fed's recent comments hinting at a shallower rate cut in 2025 have contributed to the weakness in crypto assets.
Bitcoin Faces Resistance Near $100,000
Bitcoin is facing resistance near the psychological $100,000 mark, leading to a negative bias in its price movement. Despite this, BTC remains resilient, holding above the $92,000 support level.
However, the rejection at the $100,000 barrier highlights the challenges in sustaining upward momentum. Analysts note that significant losses in altcoins like LINK, AVAX, and ADA suggest a broader market correction, further fueling concerns about investor sentiment.
Altcoins Experience Significant Losses
Most major altcoins are experiencing significant losses, with some falling by up to 4%. Ethereum (ETH), XRP, Solana, and others are among the altcoins affected by the downturn.
The cryptocurrency market has been in consolidation mode after a significant rally following President-elect Donald Trump's re-election. The market is expected to remain volatile, with investors closely watching the Federal Reserve's monetary policy decisions and their impact on the market.
Market Outlook
The pullback in the cryptocurrency market is a reminder of the volatility that comes with investing in digital assets. While the market is expected to remain choppy, analysts note that the long-term outlook for cryptocurrencies remains positive.
Investors are advised to remain cautious and keep a close eye on market developments. As the market continues to evolve, it's essential to stay informed and adapt to changing market conditions.
