BTC, ETH Prices Under Pressure as Altcoins Reel

Bitcoin (BTC) and Ethereum (ETH) are under significant pressure as altcoins also experience substantial declines following a wave of liquidations and shifting macroeconomic conditions. BTC briefly dipped below $100,000, fueled by more than $1.7 billion in liquidations, primarily affecting long traders. The market has seen BTC drop over 20% from its all-time high of $126,000 in early October, with the broader crypto market, measured by the CoinDesk 20 index, falling over 27% in the last month. Sentiment has soured, evidenced by a shift to 'fear' on the Crypto Fear and Greed Index. Additionally, selling pressure persists in altcoins due to liquidity issues and underlying bearish trends. BTC has struggles to hold a crucial support level around $103,000, while the futures market displays caution with decreased open interest. Analysts suggest a potential short-term relief rally could occur, but this would be contingent upon BTC and ETH maintaining their respective support levels to avert further downside.

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