Bitcoin and major altcoins suffered significant declines, with BTC falling 5.4% and several smaller tokens losing up to 11%. Market sentiment remains uncertain amid economic factors.
Bitcoin’s price dropped below the $100,000 threshold, declining by 5.4% to $99,359, triggering concerns among traders. Several altcoins that had shown strong performance in recent weeks saw even steeper losses. Solana, Dogecoin, Sui, and Cardano all faced substantial declines as market uncertainty grew.
“Bitcoin’s recent price movement highlights the ongoing battle between bulls and bears. While short-term holders show cautious sentiment due to high liquidations and fluctuating trading volumes, long-term investors remain optimistic and resilient,” said Avinash Shekhar, Co-Founder & CEO of Pi42.
Market Sentiment and Economic Factors
Ryan Lee, Chief Analyst at Bitget Research, emphasized that market sentiment remains mixed. “Technical indicators suggest a potential symmetrical triangle formation, signaling investor indecision. Additionally, broader economic factors such as U.S. interest rate decisions and the upcoming Federal Open Market Committee (FOMC) meeting contribute to potential volatility in Bitcoin’s price movements this week,” Lee stated.
Altcoins See Sharper Declines
Ethereum’s Outlook
Ethereum, currently trading between $2,900 and $3,500, is maintaining a neutral trend, according to technical indicators. “The MACD suggests stability, and if Ethereum remains above the $2,900 support level, it could test the $3,500 resistance soon,” Lee noted.
Stablecoin and Bitcoin Dominance
The total stablecoin trading volume reached $103.6 billion, accounting for 89.57% of the total cryptocurrency market’s 24-hour volume, as reported by CoinMarketCap.
Bitcoin’s market capitalization dropped to $1.989 trillion, with its dominance currently at 58.12%. In the last 24 hours, BTC trading volume surged by 88.2% to $40.88 billion, signaling heightened trading activity amid price fluctuations.
Future Market Trends
With continued economic uncertainty and key financial events on the horizon, investors remain watchful of Bitcoin’s next move. Market experts suggest that short-term volatility is expected, while long-term holders maintain confidence in Bitcoin’s resilience.
