Bitcoin Reaches $99K and Faces Potential Correction Risks

Bitcoin’s price dropped to $92 on Thursday the 19th and has been trying to recover since then. BTC is currently trading at $95,781.76, down 2% in the last 24 hours.
Altcoins followed the same negative trend, with sharp drops for popular cryptos such as SOL, DOGE, ADA, AVAX, LINK, SHIB, among others. This movement reflects a scenario of widespread correction in the cryptocurrency market.
The week got off to a promising start for bitcoin, which quickly climbed from $101,000 to a new all-time high of $108,000 on Tuesday. However, the situation turned around after the latest FOMC meeting in the United States, a turning point that led to a sharp correction. By Friday, bitcoin had seen its value plummet to around $92,000, a dramatic drop of over $16,000 in just 72 hours.
Despite this unfavorable scenario, investors wasted no time and acted quickly to stabilize the decline. With concentrated efforts, the price of bitcoin managed to partially recover, reaching $95,000. By the end of the day on Friday, the cryptocurrency showed signs of recovery, reaching almost $99,600, before facing a new reversal in its trajectory.
Bitcoin’s market cap is struggling to stay above $1.9 trillion, while its dominance over altcoins has grown to 55%. This increase is notable, especially considering that altcoins have struggled significantly more.