Top crypto assets have fallen in price amid the fall of bitcoin

Bitcoin BTC $89,856.70 Mezo Wrapped BTC 0.62% Market capitalization $51 million VOL. 24 hours $0.37 billion fell to around $ 90,000 after failing to gain a foothold above $ 94,500 earlier in the week. Despite the expected rate cut by the US Federal Reserve, the crypto market reacted with a decline: investors took profits, and the overall risk appetite decreased. Over $ 514 million was liquidated during the day, which increased volatility on derivatives exchanges.

According to CoinGecko, over the past 24 hours, the price of bitcoin has fallen by 2.4% to $ 90,093. Ethereum ETH $3,117.00 Bridged Ether (StarkGate) 1.48% Market capitalization $71.49 million VOL. 24 hours $0.32 billion fell by 3.4% to $ 3,192, Solana SOL $139.98 Binance-Peg SOL 3.44% Market capitalization $0.15 billion VOL. 24 hours $0.21 billion lost 5.8% to trade at $ 130, and Dogecoin DOGE $0.14 Binance-Peg Dogecoin -0.48% Market capitalization $0.35 billion VOL. 24 hours $43.69 million dropped by 5.5% to $ 0.1376. The seven-day dynamics for most major tokens remained negative: XRP ADA $0.39 Cardano 1.18% Market capitalization $14.46 billion VOL. 24 hours $19.48 million dropped by 8.6%, ADA $0.39 Cardano 1.18% Market capitalization $14.46 billion VOL. 24 hours $19.48 million - by 7.2%, and BNB $910.17 BNB 0.20% Market capitalization $125.36 billion VOL. 24 hours $0.11 billion - by 5.9%.

Analysts say that bitcoin needs to confidently break through $ 94,000 to signal a market recovery. According to Alex Kupcikiewicz, senior analyst at FxPro, the global market capitalization is currently about $ 3.16 trillion, which is 2.5% higher than at the beginning of the week, but still below the local high of $ 3.21 trillion. To confirm the upward trend, the market must exceed $ 3.32 trillion.

CoinGlass data shows that most of the liquidations were long positions — about $ 376 million against $ 138 million of short positions, as bitcoin fell below the short-term trend line. At the same time, macroeconomic factors did not support the market: although the Fed cut the rate, the forecast for further cuts remains cautious due to disagreements among committee members.

Financial company QCP Capital expects bitcoin to trade in the range of $ 84,000-$ 100,000 by the end of the year due to low liquidity and imbalance of positions. Bloomberg Intelligence analyst Mike McGlone added that the traditional «Santa's rally» may not happen this year, and BTC has a risk of ending the year below $ 84,000. For now, the key task for traders is to maintain support in the $ 90,000-$ 91,000 zone, which is what will determine whether bitcoin will be able to test the $ 94,000 level again in the near future.