Cryptocurrency Price Today: Bitcoin stabilized amid selling pressure near the $1K mark. Altcoins Ethereum, XRP, and Solana drop as much as 5%

Selling pressure at higher levels distorted expectations for most people encryption Assets on Thursday included Bitcoin (BTC), which traded slightly lower. At approximately 1:15 p.m., it was trading at $97,882.44, down 0.07.

Most major altcoins were trading with a negative bias around this time including Ethereum (ETH), Tether, XRP, Solana, Dogecoin, Cardano, Tron, Shiba Inu, Toncoin, and Avalanche. They were up to 5.5% lower around this time. However, Tron and BNB were trading in the green and were up 0.16% and 0.73%, respectively.

Cryptocurrencies have been in consolidation mode following the sharp rally that followed the re-election of President-elect Donald Trump. BTC has corrected 10% from its all-time high of $108,268.45.

The weakness in crypto assets was due to a hawkish Federal Reserve comment that hinted at a smaller rate cut in 2025. In monetary policy announcements in December, the central bank said the 2% inflation target was unlikely to be achieved next year. Next year.

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CoinSwitch Markets Desk data indicated that BTC’s December gains stood at 2% with selling pressure remaining prevalent at higher levels. Despite the sharp volatility, Bitcoin derivatives remain neutral to bullish, indicating stable sentiment.

“Its 64% correlation with the S&P 500 links its fate to broader economic concerns. Ethereum ETFs saw $2.5 billion in inflows despite a 10% price decline and resistance at $3,500. Institutions like VanEck are forecasting a peak of $6,000 By 2025, underscoring long-term confidence, the Fed now expects only two interest rate cuts in a year 2025, easing short-term concerns for companies Meanwhile, Turkey tightens controls on cryptocurrencies, requiring identity verification for transactions over $425, and cryptocurrency markets balance optimism and caution, focusing on macro risks and key resistance levels.

Commenting on the move, expert Avinash Shekhar, co-founder and CEO of Pi42, highlighted Bitcoin’s resilience despite ongoing volatility. According to him, this is a sign of bullish momentum, driven by a strong futures premium and strong key technical support above $94,608. BTC is currently trading near the psychological $100,000 mark and may rise beyond $105,000 due to monthly contracts trading in the futures market at a strong 12% premium, boosting confidence in investors, Shekhar said.

Meanwhile, Shekhar added that the main support for Ethereum is above $3,400 which shows stability and a break above this level could show bullish momentum up to $4,094, reaffirming its strength as a major altcoin.

“XRP’s symmetrical triangle pattern reveals a lack of resolution for the market, but the bulls are pushing it to recover. Strong liquidity and ETF inflows may dampen the move in the short term, but the broader outlook remains positive for the cryptocurrency market as traditional markets stabilize and digital assets stabilize.” He also said: “It has gained more momentum, with Bitcoin, Ethereum and XRP poised to recover.”

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(Disclaimer: The recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)