Introduction
Bitcoin’s recovery rally hit a formidable wall at the $93,000 resistance level, triggering a broad-based market pullback that erased $50 billion from the total cryptocurrency market capitalization. After clawing back over $12,000 from its April lows, BTC faced immediate selling pressure that drove its price down by $3,000, setting a negative tone for major altcoins including Ethereum, Solana, and Cardano, all of which posted significant daily losses.
Key Points
- Bitcoin recovered over $12,000 from its April lows before facing rejection at $93,000 resistance
- Total cryptocurrency market capitalization dropped by $50 billion in 24 hours amid broad selling pressure
- Bitcoin maintains 57% market dominance despite the pullback, with its market cap holding above $1.8 trillion
Bitcoin's Rally Meets Resistance at $93,000
Bitcoin’s attempt to sustain its recovery from November’s dramatic crash faltered decisively at the $93,000 mark. The cryptocurrency had experienced a severe downturn on November 21, plunging to under $82,000—its lowest price point since April—representing a loss of over $25,000 within just ten days. The bulls finally intervened to defend the crucial $80,000 support level, initiating a stabilization around $84,000 before mounting a more impressive rebound at the start of the business week.
The recovery gained momentum as BTC challenged the $88,000 resistance on multiple occasions before successfully breaking through on Wednesday evening. This breakthrough propelled Bitcoin to $90,000, with the ascent continuing through Thursday and Friday until peaking at just over $93,000. However, this peak proved temporary as immediate resistance emerged, pushing the price south by three grand to $90,300 earlier today. As of press time, Bitcoin defends the $90,500 level while maintaining a market cap above $1.8 trillion and commanding 57% dominance over alternative cryptocurrencies.
Altcoins Mirror Bitcoin's Downward Trajectory
The broader cryptocurrency market mirrored Bitcoin’s negative performance over the past 24 hours, with most major altcoins posting notable losses. Ethereum teeters close to breaking below the psychologically significant $3,000 level, while XRP trades below $2.40. More pronounced declines emerged from Solana (SOL) and Cardano (ADA), both dumping by 3-4% on the daily scale.
Even more substantial losses materialized from tokens like SHIB, CC, PUMP, and HASH. Particularly noteworthy is Pi Network’s PI token, which lost 7% of its value in the past 24 hours, dropping well below $0.25 and surrendering its recent momentum. This broad altcoin weakness contributed significantly to the $50 billion reduction in total crypto market capitalization, which now stands at $3.170 trillion according to market data.
Market Dynamics and Selective Outperformers
Despite the predominantly negative sentiment across the cryptocurrency landscape, selective outliers managed to buck the trend. The token identified as M shot up by more than 16% daily, while Quant (QNT) registered an 8% gain. These performances highlight the fragmented nature of the current market environment, where individual token dynamics can diverge from broader trends.
The market’s rejection at Bitcoin’s $93,000 resistance level underscores the ongoing battle between bulls attempting to sustain the recovery from November’s crash and bears defending key technical levels. With Bitcoin’s dominance holding steady at 57% despite the pullback, the cryptocurrency continues to dictate market direction. The immediate future appears contingent on whether Bitcoin can maintain its position above $90,000 or faces further testing of support levels established during its recent recovery attempt.
📎 Related coverage from: cryptopotato.com