Altcoin Market Sees Correction as Bitcoin Drops Below $100,000

Market Correction Triggers Over $567 Million in Liquidations

Digital assets markets have opened the week in the red following a drop in Bitcoin (BTC) below the $100,000 level, leading to a correction that has also affected most altcoins. CoinGlass data aggregator reports liquidations totaling over $567 million in the past 24 hours, with a majority of them coming from leveraged long positions in Bitcoin.

Altcoin Market Faces Resistance at Key Point

Rekt Capital, a prominent analyst, notes that the correction in altcoins coincides with a crucial point of resistance in the OTHERS chart, which tracks the total market of digital assets excluding the top 10. This level, historically troublesome, has now been breached, suggesting a potential shallower retracement for altcoins.

Bitcoin Dominance Showing Signs of Oversold Conditions

Rekt Capital also highlights that Bitcoin dominance (BTC.D) is displaying oversold levels on the daily chart’s relative strength index (RSI). An oversold RSI typically indicates a potential bounce-back for the asset, signaling a challenging period for altcoins in the near future.

At the time of reporting, BTC is trading at $97,546.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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