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Bitcoin prices continued to fluctuate wildly, once again falling to a six-month low of $93,000 before a limited rebound near the $96,000 level.
The move comes a week after the market’s largest cryptocurrency came under strong selling pressure.
Bitcoin price rebounds after a week of declines:
Just a few days ago, Bitcoin benefited from positive developments in the United States, pushing it above $107,000.
But this rise was short-lived and the price soon returned to the $102,000 level before continuing its decline throughout the week.
The biggest blow came on Friday, when Bitcoin fell to $94,000 for the first time since May before rising to $97,000.
Selling pressure returned over the weekend and the price fell back to $93,000 levels before recovering relatively and stabilizing around $96,000.
Despite the rebound, market analysts believe that the overall price structure has changed and the currency has entered a new bearish phase.
Bitcoin currently has a market capitalization of approximately $1.9 trillion, while maintaining an estimated dominance of 57.2%.
Altcoins bleed:
Most altcoins continue to lose money significantly.
Ethereum price fell below $3,100 for the second time in a few days, before rising slightly to $3,200, with no significant change in 24 hours.
BNB, SOL, TRX, DOGE, ADA, BCH, and LINK also experienced similar declines.
HYPE and ZEC fell by more than 3%, while XMR, LTC, TAO, NEAR, PUMP and ICP fell by as much as 9%.
The few cryptocurrencies that performed positively, such as UNI and ENA, saw very small gains.
The total market value of cryptocurrency continues to decline, falling by approximately US$40 billion in one day and remaining below the level of US$3.35 trillion.
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