The cryptocurrency market is experiencing a decline, led by Bitcoin and other well-known altcoins falling.
Bitcoin's Decline
Bitcoin is currently trading at $103,430, down 3.8% on the day and nearly 5% over the past week. After briefly reaching levels above $107,000, Bitcoin has now lost key short-term support levels. This decline suggests weakening demand from buyers, despite favorable macroeconomic conditions earlier in the month.
Altcoins Follow Bitcoin
The downturn was not limited to Bitcoin. Ethereum, the second-largest cryptocurrency, slid 6.4% over the past 24 hours to $2,460, extending its weekly loss to 10.12%. Solana also posted a sharp decline, falling 7% to $146. XRP fell in tandem, down 7.16% to $2.14, despite recent surges in network activity. Binance Coin retreated by 3.5% to $641.
Market Outlook
With Bitcoin dipping under $104,000 and dragging the wider market lower, attention now turns to macro events such as the Federal Reserve's decision. Investors are closely watching for signs of dovish policy shifts that could provide fresh momentum for a market rebound or extend the current downtrend.
The situation in the cryptocurrency market remains uncertain, and upcoming decisions from the Federal Reserve may significantly impact future price movements.
