Bitcoin Falls Below $90,000; Altcoins Show Stability Amid Decline

Bitcoin (BTC) recently fell to its lowest price in seven months, nearing $89,000, leading to over $1 billion in liquidations across the crypto market. Despite this drop, altcoins have maintained stability compared to BTC.

Key Points

The decline in BTC is attributed to structured institutional selling rather than typical selling pressure, causing panic selling.
BTC's dominance remains below its 50-week Exponential Moving Average (EMA), an unusual occurrence during a downturn, indicating altcoins are retaining interest.
Ethereum (ETH) lost its 50-week EMA but is attempting recovery, showing quicker bounce-back compared to BTC.
Altcoin pairs against BTC have rebounded to pre-crash levels and some are trading above them.

This suggests that altcoins are outperforming BTC, with the current sell-off feeling isolated. Analysts believe this pattern indicates a potential market bottom, as alt/BTC pairs rise while BTC dominance declines. As of now, BTC has recovered above $93,000 but has erased all year-to-date gains.

Bitcoin