Bitcoin (BTC) Drops Below $100,000 as Altcoins Struggle to Maintain Stability

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Analysts Monitor Bitcoin at $66K Support as Volatility Rises

  • BTC’s price fell from $108,000 to $96,000, with trading volume reading at $116.53 billion.
  • Ethereum and XRP saw declines, with ETH trading at $3,350 and XRP at $2.21.
  • AAVE attained a 10% gain during the dip, showing stability amid a negative market.

The crypto market is recording different movements, with Bitcoin leading a bearish move. BTC, which gained a high of $108,000 last week, has since met a correction, pulling altcoins into a negative level. 

Bitcoin’s Market Movements

Bitcoin’s recent performance has increased concerns among market players. After hitting $108,000 on December 17, its price dropped after the FED report. By Friday, BTC had declined to $92,000 before regaining to $99,000 on Saturday, only to settle at $96,000 on Sunday.

On Monday, Bitcoin’s intraday low reached $93,810, before stabilizing above $96,000.

Coinglass data indicates that Bitcoin’s price experienced fluctuations, reaching approximately $95,665.22 at the time of press. 

Source: Coinglass

The volume during this period peaked at $116.53 billion, reflecting trading activity. Earlier in the year, notable spikes in volume were observed, aligning with price movements.

Altcoins Struggle to Maintain Ground

Bitcoin‘s decline has built changes across the altcoin market after FUD, as noted by Santiment on X Space. ETH’s price fell below the $3,500 level and is currently trading at $3,350, marking a 3.5% daily drop. Similarly, XRP fell from $2.40 to $2.21. 

In contrast, AAVE, a decentralized finance token, demonstrated resilience, gaining approximately 10% during the broader market decline. AAVE is now trading between $338 and $340, bucking the overall trend in the altcoin space.

Analysts’ Caution on Market Outlook

Market analysts have expressed concerns over potential extended losses. Michael Pizzino, a cryptocurrency analyst, noted the emergence of a macro double-top pattern in major digital assets like Ethereum and Solana. 
Despite these short-term challenges, broader macroeconomic indicators for Bitcoin remain positive, with key support levels still intact. David Lawant, head of research at FalconX, pointed to heightened market volatility as the year ends. He cited low liquidity and the impending December 27 crypto options expiry, involving $18 billion in BTC and ETH contracts, as potential triggers for further price swings.

The post Bitcoin (BTC) Drops Below $100,000 as Altcoins Struggle to Maintain Stability appeared first on Crypto News Land.

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