BTC, ETH Prices Under Pressure as Altcoins Reel

Bitcoin and Ether prices are under pressure as a sell-off in altcoins continues, leading to over $1.7 billion in crypto liquidations. Bitcoin briefly dipped below $100,000 for the first time since its all-time high of over $126,000 in early October. The sell-off is attributed to a combination of macroeconomic factors, including a hawkish tone from the Federal Reserve and a broader risk-off sentiment in global markets. The crypto Fear and Greed Index shows a shift to fear, and concerns about security in the decentralized finance space have added to negative sentiment. As Bitcoin approaches its 50-week simple moving average just under $103,000, traders are cautious, with the futures market indicating reduced leverage. Following recent volatility, there are uncertainties regarding support levels for both Bitcoin and Ether. If these support levels break, further declines in altcoins, particularly those with lower liquidity, are expected. Despite the general bearish sentiment, there remains a potential for a short-term relief rally if Bitcoin and Ether can maintain their support.

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