Bitcoin Stumbles Below $100K for the First Time Since June; Is the Crypto Bull Run Losing Steam?

The cryptocurrency market is facing a major slump as Bitcoin's meteoric rally earlier this year has come to an abrupt halt. slipping about 4.8%, with BTC briefly dipping below the $100K mark, its lowest level since June, but quickly bouncing back above the key psychological level of $100K. Meanwhile, Ethereum (ETH) has dropped up to 15%, and several leading altcoins, including Solana (SOL) and Dogecoin (DOGE), are deep in the red. With overall crypto market capitalisation slipping below $2.3 trillion. The pullback came after October's soft performance, the Fed Chair's hawkish remarks, and ongoing uncertainty surrounding the unresolved U.S. government shutdown and ETF outflows.

BTC Dips Over 4%

Bitcoin price is currently at $102,279.45, down 4.25% in the past 24 hours, and has lost over 17.99% in the past month. Despite being the dominant crypto asset, Bitcoin's price decline has dragged down overall investor confidence in the digital asset market.

Ethereum Price Slides Below $3,400

Just like Bitcoin, Ethereum also saw a steep correction of 7.84%, trading at $3,343.80. Ethereum's market cap has fallen to $403.25 billion, while its trading volume remains high at $40.49 billion. Over the past month, ETH has lost a massive 28.64%.

Altcoins in Deep Red: Solana, BNB, and XRP Tumble

Major altcoins also faced heavy losses today. due to weak market sentiment and profit-booking by short-term traders.

Solana (SOL) dropped 4.95% to $157.16, losing nearly 32.41% over the month.

Binance Coin (BNB) fell 4.02% to $949.09, with a 22.45% monthly decline.

XRP (Ripple) slipped 4.45%, currently trading at $2.24, with its market cap now at $135.05 billion.

Other Major Movers: TRON, Chainlink, and Dogecoin

Among other top cryptos, TRON managed a slight uptick of 0.58%, trading at $0.2861. Meanwhile, Chainlink (LINK) declined 2.67% to $14.85, and Dogecoin (DOGE) slipped 3.12% to $0.1646, losing over 38% in the past month.

Top Gainers In the Market

In a largely bearish market, WhiteBIT Coin (WBT) stood out with impressive gains, rising 24.67% in the past week and 16.62% over the month. WBT is currently trading at $52.29, with a market cap of $11.23 billion.

"The top gainers for today are ZKsync with over a 17% rise, Aster by close to 14.5%, and Bitget Token & Decred by over 10% each. Besides, SPX6900 leads the top losers by over 13.25%, followed by Morpho at 12.72% and Bittensor at 11.92%. The overall market sentiments continue to remain under fear. On the other hand, Japan's stock market falls nearly 4.5%, while the US stock market falls nearly 1.2%, wiping out $730 billion, indicating a global market crash is happening along with the crypto market crash." as per data from CoinDCX Research.

Crypto Market Outlook

"Post the correction. The crypto market is now showing signs of recovery as Bitcoin stabilises above $102,000 after testing the support at $99,000. Similarly, Ethereum is up 3% from the lows, fuelled by the 'buy the dip' narrative. Moreover, with many leveraged positions liquidated, we could expect a trend reversal from these levels. For investors, such market downturns become attractive entry points. Historically, such bull market cycles have seen steeper corrections before a rally resumes. During the 2017 rally, Bitcoin saw six major corrections of 30-40% before reaching $20,000 for the first time, while the 2020-2021 cycle followed a similar pattern." said Edul Patel, CEO of Mudrex.

"Looking ahead, a sustained move above the $107,000-$108,000 zone would confirm renewed bullish momentum, giving bulls the strength to take control. On the downside, $97,000 remains a strong support level to watch." Edul further added.

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