The price of Bitcoin, the most popular cryptocurrency in the market, has dropped to an intraday low of $93,054. Analysts are closely monitoring the situation, with Andrew Thrasher noting that Bitcoin is currently testing the 50-day moving average on the daily chart. David Vallieres believes that if Bitcoin breaks below the $92,600 level, it could potentially re-test the breakout point of $73,600, with a 40% probability. Despite this, Vallieres still maintains an ultimate target of $123K for the cryptocurrency.
Over the past 24 hours, Bitcoin has experienced a 2.7% decline, and over the course of the week, it has fallen by nearly 13%. Other alternative cryptocurrencies, such as XRP, Dogecoin, and Cardano, have also experienced losses ranging from 2.2% to 4%. XRP, previously making waves with substantial gains in November, has now dropped to fourth place by market capitalization, currently valued at $122.7 billion. It seems that the entire cryptocurrency market is experiencing a downturn.
Additionally, MicroStrategy, a business intelligence firm, made another significant Bitcoin purchase for the seventh consecutive week, but this did not have the expected effect on pushing the price of the cryptocurrency higher. On December 17, Bitcoin reached a record high of $108,135 before losing momentum following indications from the Fed of fewer rate cuts than initially anticipated in 2025. As a result, Bitcoin is now down 14.1% from its record high, with investors closely monitoring further developments.
In conclusion, the cryptocurrency market is currently experiencing a downturn, with Bitcoin and other alternative cryptocurrencies facing losses. Analysts are closely monitoring the situation, with Bitcoin testing key levels on the daily chart. Despite short-term fluctuations, some analysts maintain optimistic price targets for Bitcoin. However, external factors such as the Fed’s monetary policy decisions can also impact the cryptocurrency market. As investors navigate these uncertainties, it is important to stay updated on market trends and developments to make informed decisions regarding cryptocurrency investments.
