The cryptocurrency market faced a significant downturn, with Bitcoin dropping by 5% from its previous high of $102K. This decline is largely attributed to strong U.S. job data and the Federal Reserve's unwavering stance on interest rates, which have dashed hopes for any monetary easing.
Other major cryptocurrencies like Ethereum, XRP, and Solana also experienced declines of 4-6%, resulting in a total of $400 million in liquidations.
Short-term Bitcoin holders are finding it challenging to maintain profitability amidst these volatile market conditions. Meanwhile, Dogecoin is currently battling significant resistance around the $0.40 mark, situated at the macro 0.5 Fibonacci extension level.
