Cryptocurrency analysts name the main reason for the fall of leading tokens

The cryptocurrency market continued to fall amid negative sentiment caused by harsh statements from the US Federal Reserve. The market’s total capitalization fell by 4.91% to $ 3.33 trillion, and the daily liquidation volume exceeded $ 1 billion, of which $ 860 million fell on long positions.

Bitcoin BTC $75,171.80 Mezo Wrapped BTC -0.63% Market capitalization $0.1 billion VOL. 24 hours $0.62 billion , which reached $ 102,000 at the beginning of the day, dropped below $ 96,000 for the first time in more than a month by the evening, trading at $ 97,251.29. Ethereum ETH $2,328.47 Bridged Ether (StarkGate) -0.88% Market capitalization $42.71 million VOL. 24 hours $0.49 billion also suffered significant losses, falling below $ 3,400 and losing more than 11% for the week. Dogecoin DOGE $0.09 Binance-Peg Dogecoin -1.60% Market capitalization $0.24 billion VOL. 24 hours $75.43 million dropped even more — by 12.28% to $ 0.3159.

Despite the overall decline, some assets have shown growth. For example, the MOVE token grew by 21.14% to $ 0.7626, and the Bitget Token rose by 6.55% to $ 4.46. At the same time, analysts warn that a further drop below $ 96,000 could lead to a decline to $ 90,000 or even $ 85,000.

Despite the pressure, the share of traders betting on Bitcoin’s growth on the Binance platform has increased to 61%. However, analysts warn that if the support at $ 97,800 is not maintained, the market may enter a long correction phase.