Crypto Markets Today: Altcoins Struggle as BTC Price Tests Key $100K Support
Crypto markets are stabilizing after a sharp sell-off, with Bitcoin testing $99,000 support while many altcoins erase recent gains.Summary
Following a sharp sell-off on Tuesday, the crypto market is stabilizing, though continued U.S. dollar strength could prolong downside pressure. Bitcoin rose slightly after hitting its lowest price since June, clinging to the $99,000 support level, while Ether gained 2%. The broader altcoin market is performing worse, with many tokens erasing July and August rallies, suggesting the recent "altcoin season" may be over, with focus shifting back to BTC's resilience. Derivatives data shows declining open interest and subdued funding rates, indicating reduced leverage and market caution, although the options market remains volatile with a slight bullish bias in the short term. Technically, the average crypto RSI is at 38, suggesting potential for a short-term relief rally, but a break below BTC's $99,000 and ETH's $3,100 support levels would trigger further downside, disproportionately affecting altcoins due to lower liquidity. Privacy tokens, particularly Monero (XMR), remain outperformers amid the general downturn.
(Source：CoinDesk)