Crypto Markets Today: BTC, ETH Prices Slip as Selling Pressure Returns
Bitcoin and Ether declined sharply, erasing weekend gains as selling pressure returned and traders assessed a potential lower high pattern.Summary
The crypto market experienced a significant downturn on Tuesday, with Bitcoin (BTC) dropping to $107,800 and Ether (ETH) falling to $3,867, reversing recent recoveries. Analysts are now watching to see if this movement constitutes a "lower high" pattern, which could signal a continuation of the bear market if BTC breaks below the October 17 low of $103,700. Derivatives markets show rising open interest ($26 billion) and neutral to positive funding rates, suggesting short conviction has cleared. However, options data indicates traders are paying a steep premium for upside exposure, signaling expected volatility. While smaller tokens like SynFutures (F) saw spikes due to listings on South Korean exchanges Upbit and Bithumb, the broader altcoin market suffered, with the CoinDesk 80 Index falling 4.5% and assets like CAKE and ETHFI losing 10%. The sell-off was amplified by surging trading volume and algorithmic selling.
(Source：CoinDesk)