These Altcoins Bleed Out as Bitcoin (BTC) Loses $90K Support: Weekend Watch

Bitcoin’s price couldn’t maintain above $92,000, and the recent rejection at that level pushed it south hard to just over $88,000 yesterday.

Most altcoins have followed suit, with almost all charts deep in the red today. ZEC and CC lead on the way south.

BTC Below $90K

The new month began on the wrong foot yet again for the largest cryptocurrency. The asset had recovered some ground following the November crash and stood above $91,000. However, the bears returned on Monday and initiated a violent leg down that drove BTC to just under $84,000.

After losing more than seven grand in hours, bitcoin bounced off almost as quickly and reclaimed the $90,000 line by Tuesday. Moreover, it kept climbing in the following days and challenged the $94,000 resistance on a couple of occasions.

However, it couldn’t penetrate that level, and the subsequent retracement drove it to the $91,000-$92,000 range. That was until Friday, when the bears took control of the market again after the release of the US PCE and Core PCE data.

BTC dumped to $88,000 in minutes, dragging the altcoins with it and triggering $500 million in liquidations. It has bounced since then, but it’s still below $90,000 as of press time. Its market cap has dropped to $1.8 trillion, while its dominance over the alts stands above 57% on CG.

BTCUSD Dec 6. Source: TradingView

Alts In Red

Most larger-cap alts are in the red as well today. Ethereum is inches above $3,000 after a 3.4% decline, while XRP is close to breaking below $2.00 after another 2% drop. SOL, ADA, LINK, HYPE, DOGE, and XLM are with losses of up to 5%, while SUI, ENA, PEPE, UNI, and DOT have dropped by 6-7%.

Even more profound losses come from ZEC and CC, both of which have dumped by double digits. In contrast, BCH and TRX have posted minor gains.

The total crypto market cap has shed around $60 billion in a day and is down to $3.130 trillion on CG.

Cryptocurrency Market Overview December 6. Source: QuantifyCrypto

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