Bitcoin (BTC) is testing a key support level after a sudden decline

The price of Bitcoin, the leading cryptocurrency by market cap, fell to an intraday low of $93,054.

According to Andrew Thrasher, portfolio manager at The Financial Enhancement Group, the leading cryptocurrency is Testing offline 50-day moving average (MA) on the daily chart.

Cryptocurrency analyst David Valeris believes that Bitcoin price may retest the $73,600 breakout point if it falls below the $92,600 level. “The probability of this happening is about 40%. However, my ultimate target for the measured move is still $123,000,” the chartist noted in a recent social media post.

The major cryptocurrency has fallen by 2.7% in the past 24 hours. It is now down about 13% over the past week.

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Most altcoins were also hit hard, with Ripple (XRP) falling as much as 4%. The Ripple-related cryptocurrency, which surprised the market with huge gains in November, has now fallen to fourth place in terms of market capitalization. It is currently valued at $122.7 billion.

Dogecoin (DOGE) and Cardano (ADA) also fell by 2.5% and 2.2%, respectively.

Earlier today, business intelligence firm MicroStrategy announced another large purchase of Bitcoin for the seventh straight week. However, it was expected to fail to push the price of the cryptocurrency higher.

On December 17, the leading cryptocurrency rose to a record high of $108,135. However, it lost its upward momentum after the Fed Shown It is preparing to implement smaller interest rate cuts than initially expected in 2025. The cryptocurrency is down 14.1% from its record high.