Bitcoin remains steady near the $100,000 mark amid a 10% correction from its all-time high, while major altcoins such as Ethereum and Solana have decreased by up to 5%. Despite selling pressure, bullish sentiments linger, particularly in Bitcoin and Ethereum, supported by strong market indicators and expert analysis pointing to potential upward movements in the future.

In the latest cryptocurrency market update, Bitcoin remains flat amidst ongoing selling pressure near the $100,000 mark, currently demonstrating a correction of nearly 10% from its all-time high of $108,268.45. Alongside Bitcoin, most major altcoins, including Ethereum, XRP, and Solana, noted declines of up to 5.5%. Despite this, a few altcoins like Tron and BNB showed slight gains.

The market experienced volatility following President-elect Donald Trump’s re-election, leading to consolidated trading activity in the crypto space. As indicated by CoinSwitch Markets Desk, Bitcoin’s December performance revealed a 2% increase, although continued selling pressure at higher prices is being observed. Nevertheless, the sentiment in Bitcoin derivatives appears neutral-to-bullish, signifying steady market confidence.

Experts like Avinash Shekhar, Co-Founder and CEO of Pi42, noted Bitcoin’s resilience amid these fluctuations, pointing to strong futures premiums and technical support levels as bullish indicators. Shekhar mentioned that Bitcoin could potentially breach the $105,000 threshold following market trends favoring its recovery. In contrast, Ethereum is holding above its key support level of $3,400, which may pave the way for future upward movement up to $4,094.

XRP is currently forming a symmetric triangle pattern that suggests a lack of market resolution; however, optimism prevails for broader market recovery as traditional markets stabilize.

The cryptocurrency market is known for its rapid changes and volatility, influenced by a myriad of factors including political events, market sentiment, and trading trends. The re-election of leaders, like President-elect Donald Trump, often triggers substantial market movements. In recent sessions, Bitcoin has faced selling pressure even as it approaches psychological price milestones, highlighting the intricacies of market dynamics. Altcoins like Ethereum and XRP also reflect market sentiment and investor behavior, further complicating market analysis.

In conclusion, the cryptocurrency market is currently experiencing a mixed bag of performance with Bitcoin maintaining resilience despite recent corrections. While altcoins show bearish trends, some indicators suggest the potential for upward movements in Bitcoin and Ethereum. Expert insights highlight the importance of market sentiment and technical indicators in forecasting future price movements. As the market evolves, investor vigilance in response to these signals remains crucial for navigating the complexities of cryptocurrency trading.

Original Source: m.economictimes.com

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