The cryptocurrency markets experienced significant turbulence yesterday as bitcoin fell below a crucial support level, reaching a three-week low under $109,000. Most altcoins suffered even steeper declines, contributing to leveraged liquidations that soared to nearly $1 billion, according to CoinGlass data.
Less than a week ago, bitcoin reached $118,000 following the US Federal Reserve’s first interest rate cut of the year. However, the cryptocurrency failed to sustain its momentum and began declining rapidly. The most severe trading sessions occurred on Monday, September 22, and Thursday, September 25. Initially, bitcoin dropped from $115,500 to $112,000, recovered briefly mid-week, then fell further yesterday to $108,600 on Bitstamp, marking its lowest point since early September.
Bitcoin has since recovered approximately $1,000 but remains below the critical $110,000 support level identified by analyst Ali Martinez. The next support level at $108,530 successfully contained the decline. Market reactions varied, with some observers like Peter Schiff declaring the start of a bear market, while crypto analyst Captain Fabrik characterized the pullback as healthy and predicted a surge to $140,000 if bitcoin reclaims $113,000 resistance.
Altcoins followed bitcoin’s downward trajectory with substantial losses. Ethereum dropped below $4,000 support to under $3,900, while XRP fell 10% weekly and struggled to maintain levels near $2.80.
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