Crypto market plummets! Bitcoin falls, altcoins suffer a cold winter, but dominance remains strong!
In the past few days, as Bitcoin broke through $89,000, most altcoins in the market experienced a strong rebound, but today, the market suddenly turned cold! The total market value of cryptocurrencies fell by 3%, mainly affected by Bitcoin falling below $85,200.
Why did it plummet?
The leveraged market cooled down: more than $2 billion in forced liquidations in the past three days, especially long positions were hit hard. Market sentiment reversed: As the market was overly optimistic, short positions rose sharply, and the pressure for adjustment increased in the short term. The crypto market fear and greed index soared to 80%, and the market was extremely greedy and ushered in a cooling-off period.
Despite this, Bitcoin's dominance remains solid and is expected to remain strong in the coming weeks, with key support ranges between $83,250 and $85,800. At the same time, altcoins such as Dogecoin, Solana and Ethereum still have upside potential.
Short-term adjustments in the crypto market may be medium-term opportunities, but be cautious in dealing with market fluctuations!
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