BTC, ETH Prices Under Pressure as Altcoins Reel

Bitcoin (BTC) and Ethereum (ETH) are facing downward pressure as a wave of liquidations and shifting macro expectations have triggered a broader market sell-off. Bitcoin briefly dipped below $100,000 and has fallen over 20% from its October all-time high of more than $126,000. The CoinDesk 20 index indicates a 2.6% decline in the last 24 hours, with crypto assets losing over 27% in the past 30 days. This recent downturn has resulted in $1.7 billion in liquidations, predominantly affecting long positions. Market sentiment is notably bearish, reflected by the Crypto Fear and Greed Index. Analysts note that liquidity in altcoins remains thin, leading to outsized negative price movements, while potential near-term support for BTC is seen at its 50-week moving average, just below $103,000. Market caution persists, particularly in the futures sector, evidenced by a decline in open interest and mixed funding rates across venues. Many traders are waiting to see if BTC and ETH can hold critical support levels, as any further declines could exacerbate pressure on altcoins.

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