Over the past 24 hours, the majority of the top 10 coins have seen significant price declines, with some seeing drops of up to 12%. Bitcoin (BTC) fell 5.84%, falling to $98,809, while Ethereum (ETH) saw a 7.85% decline, hitting $3,077. XRP also saw a 10% decline, falling to $2.82. Solana (SOL) and Binance Coin (BNB) followed suit, with declines of 12.01% and 6%, respectively. Dogecoin (DOGE), Cardano (ADA), and Tron (TRX) also fell, but to a lesser extent, continuing the overall negative trend in the market.
Bitcoin is struggling to stay above the $100,000 mark, spending more time below that level than above it. Over the past couple of months, the market has shown increasing signs of indecision, creating one of the most difficult periods of this bull market.
The Fear and Greed Index shows that sentiment is still in greed mode, although there was a brief period of neutral sentiment on January 10. The market is stuck in a wide rangewith Bitcoin fluctuating between $89,000 and $109,000. This range-bound price action may indicate that the market is waiting for sentiment to reset. Once the market cools and sentiment changes, a clearer trend could emerge for Bitcoin.
Bulls will take over: market data and key events
Major economic events this week are likely to contribute to market volatility and interest rate decisions from both the US and Canada will be closely watched. If there is any unexpected change in these prices, it may surprise the market and create a significant price movement, especially in the field of cryptocurrencies.
While Canada’s interest rate decision may not have a major impact, all eyes are on the US interest rate announcement. These events can lead to high volatility and set new short-term price trends for Bitcoin.
