Bitcoin Struggles at $96,000, Will Crypto Correction Get Worse This Week? (Market surveillance)

Bitcoin’s struggles continue as the asset fails to initiate a notable recovery and its price is still below or around $96,000.

Altcoins are also not in good shape, with many such as XRP, ADA and AVAX still down 3-4% on a daily basis.

BTC continues to struggle

A lot can change in the cryptocurrency markets in a week, and that has been the case for the past seven days or so. Last Monday and Tuesday, BTC posted fresh gains and soared above $108,000 to mark its latest all-time high.

However, the picture began to change on Wednesday evening after the last FOMC meeting. Bitcoin reacted with an immediate drop in price to below $100,000, but that was just the beginning. It continued to plummet in the following days, culminating in a price drop to $92,000 on Friday.

BTC managed to stop the free fall at this point and even jumped above $99,000 on Saturday morning. However, it was short-lived again and fell to $96,000 on Sunday and is currently sitting there. Now the question arises whether the new trading week will be different, considering some of the factors that could affect the price of BTC.

At the moment, bitcoin’s market capitalization stands at $1.9 trillion on CG, while its dominance over the highs is only 55%.

Bitcoin/Price/Chart 23.12.2024. Source: TradingView Alts in similar condition

Altcoins have experienced similar or even more painful declines over the past few days. The landscape is also pretty bleak now, with XRP, AVAX, ADA, SHIB, DOGE and ETH still in the red. DOT, XLM, SUI and APT are all down again in the last day.

AAVE is the only exception to the larger-cap alternatives with a notable price increase. The asset has gained roughly 10% and now sits at $340 amid the broader correction.

The cumulative market capitalization of all crypto assets comes down to $3.460 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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