The price of Bitcoin, the leading cryptocurrency by market capitalization, has fallen to an intraday low of $93,054.
According to Andrew Thrasher, portfolio manager at The Financial Enhancement Group, the leading cryptocurrency is currently testing the 50-day moving average (MA) on the daily chart.
Cryptocurrency analyst David Vallieres believes that Bitcoin price could retest the $73,600 breakout point if it falls below the $92,600 level. “The probability of that happening is around 40% in my opinion. However, my ultimate target for the measured move remains $123,000,” the chartist noted in a recent social media post.
The flagship cryptocurrency is down 2.7% in the last 24 hours. It is now down almost 13% over the past week.
Most alternative cryptocurrencies have also taken a beating, with XRP falling as much as 4%. The Ripple-linked cryptocurrency, which surprised the market with huge gains in November, has now fallen to fourth place by market capitalization. It is currently valued at $122.7 billion.
Dogecoin (DOGE) and Cardano (ADA) were also down 2.5% and 2.2%, respectively.
Earlier today, business intelligence firm MicroStrategy announced another major Bitcoin purchase for the seventh consecutive week. However, it was expected to fail to increase the price of the cryptocurrency.
On December 17, the leading cryptocurrency soared to an all-time high of $108,135. However, it lost its bullish momentum after the Federal Reserve indicated it was preparing to implement fewer rate cuts than initially planned in 2025. The cryptocurrency is down 14.1% from its all-time high.
