Crypto Market Stabilization Ongoing as Bitcoin (BTC) Struggles to Surpass $95K

Bitcoin has been unable to make a significant leap toward the $100,000 mark, remaining around $95,000 without clear signs of its next movement.

Other cryptocurrencies are also experiencing a lack of momentum recently, with many seeing slight losses in their daily performances.

BTC Remains at $95K

The leading cryptocurrency broke out of its previous consolidation range early last week, climbing past $86,000, which was the top limit of that range. In the subsequent days, it surged beyond $90,000 for the first time in over six weeks, reaching nearly $96,000 last Friday, marking its peak in two months.

While it couldn’t maintain that position and saw a slight retracement over the weekend, it stayed well above the $90,000 support level. The only significant dip occurred on Monday when BTC fell to $93,000 but swiftly rebounded.

The bullish sentiment was evident as buyers attempted to push forward, but they faced resistance just below the $96,000 mark, despite considerable inflows into BTC ETFs. As a result, bitcoin is currently fluctuating around $95,000, just shy of that threshold.

The cryptocurrency’s market capitalization is approximately $1.880 trillion, with its dominance over altcoins exceeding 61%.

Altcoins Experience Minor Declines

Recent data shows that many altcoins have faced downturns in the last 24 hours. Among the larger market cap coins, LINK, AVAX, and XRP lead the negative trend, with Chainlink seeing a decline of up to 3.5%.

Ethereum, Dogecoin, Cardano, Sui, Shiba Inu, HBAR, and Bitcoin Cash are also in the red, though their losses are less severe.

The most notable declines in the top 100 altcoins include yesterday’s high-flyer, VIRTUAL, along with TAO and TRUMP. The meme coin associated with the US president has been in the spotlight recently, facing controversies, including reports of its team selling off holdings during the price surge.

The total cryptocurrency market capitalization has experienced a slight drop of around $15 billion, currently standing at $3.065 trillion.