Hassan Maishera
TL;DR
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BTC temporarily dipped below on Friday after losing more than 1% of its value.
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Market analysts are optimistic about another BTC rally as it has held above the round-number $100,000 level for 20 consecutive days.
BTC Temporarily Dipped Below $105k, Altcoins Bleed
The cryptocurrency market looks to end the week bearish as Bitcoin and other major cryptocurrencies recorded losses. Bitcoin, the leading cryptocurrency by market cap, temporarily dipped below $105k to trade around $104,800 during the early hours of Friday.
At press time, BTC has slightly bounced back and now trades at $106,307, down 1.3% in the last 24 hours. There is no catalyst behind this move as Bitcoin continues to consolidate above $100k.
Despite the recent pullback, analysts are confident that BTC holding above the round-number $100,000 level for 20 consecutive days is a bullish sign. In an email to Cryptowisser, Ruslan Lienkha, chief of markets at YouHodler, stated that the recent activity appears more indicative of a correction rather than a bearish reversal. Bitcoin has spent a significant portion of this year trading within the $90K–$110K range, which has become a key consolidation zone. Lienkha added that,
“This area is saturated with market orders, suggesting strong trading interest and potential support. Given these dynamics, it is likely that BTC will continue to trade within this range for some time, potentially building a solid foundation for the next leg higher toward a new all-time high.”
Altcoins Underperform
With Bitcoin dropping below $105k, altcoins also recorded losses in the last 24 hours. Ether, the leading altcoin by market cap, is down 3% and now trades at $2,646 per coin. Dogecoin is the worst performer among the top 10 cryptocurrencies by market cap, losing nearly 8% of its value in the last 24 hours.
Thanks to yesterday’s bearish performance, the total cryptocurrency market cap now stands at $3.35 trillion.
