Bitcoin Drops Below $100K as Market Bleeds
- Bitcoin breaks $100K support.
- Altcoins face deep declines.
- Recovery outlook for some altcoins.
Bitcoin has seen a significant drop, breaking through the $100.000 support barrier and reaching close to $97.000. After this sharp drop, the cryptocurrency is looking to recover losses and is facing resistance at the $98.400 mark, with a 6% decline observed in the last 24 hours.
As investors wait for a potential reversal above $100.000, the altcoin market has seen even sharper pullbacks. Tokens such as XRP, DOGE, ETH, ADA, AVAX, LINK, SHIB, DOT, XLM, BCH, and CRO have all seen double-digit declines, although some have already recovered some of the lost ground.
In the current scenario, Santiment’s analysis highlights that four of these altcoins have promising recovery prospects and the potential to post significant gains. Despite these optimistic forecasts, the total cryptocurrency market cap has seen a significant drop from over $3,95 trillion to under $3,6 trillion, reflecting the lows reached last night.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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