Bitcoin started last weekend 
$90,846.46 The recovery attempt was carried to just above $93 thousand on the last trading day of the week. However, this level worked as a strong resistance and Bitcoin could not hold on here and was pulled below 90 thousand dollars again with sharp sales. While the leading cryptocurrency experienced a withdrawal of approximately $ 3 thousand in just a few hours, the general picture in the altcoin market also turned red. While many high-market altcoins lost value on a daily basis, the value of the total crypto market decreased by more than $50 billion in a single day.
Bitcoin Couldn’t Break the 93 Thousand Dollar Wall
The last two weeks have been quite rough for Bitcoin. The massive selling wave on November 21 dragged the price below $82,000, the lowest level since April. At this point, where panic reached its peak in Bitcoin, which lost approximately 25 thousand dollars in value in just ten days, buyers finally stepped in and the 80 thousand dollar region worked as a strong support.
With reaction buying starting from this level, the price first stabilized around 84 thousand dollars. Bitcoin tested the $88,000 resistance several times as buying increased significantly at the beginning of the week. This level was exceeded on Wednesday evening and the price reached 90 thousand dollars. On Thursday and Friday, the rise continued and Bitcoin rose above 93 thousand dollars. However, at this point, the selling pressure gained strength again and the price quickly retreated to the $90,300 level.
While Bitcoin’s total market value continues to remain above $1.8 trillion, its dominance over altcoins stands at 57 percent. Technical analysts state that the uptrend will not become clear without permanent closes above $93,000.
Sharp Losses and Divergent Performances in Altcoins
The decline in Bitcoin was directly reflected in the altcoin market. Ethereum 
$3,036.85 While it faces the risk of falling below the $ 3,000 level again, XRP has fallen below $ 2.40. Solana and Cardano 
$0.417917 While it lost 3-4 percent of its value on a daily basis, the declines were steeper in some altcoins such as PUMP, SHIB and HASH.
Pi Network’s PI token, which has attracted attention in recent days, also lost its upward momentum and fell below $ 0.25, decreasing by 7 percent in the last 24 hours. On the other hand, despite the general negative atmosphere in the market, there were strong divergences in some tokens. While M token increased by over 16 percent on a daily basis, Quant (QNT) increased by around 8 percent.
With these developments, the value of the total crypto market decreased from 3.22 trillion dollars to 3.17 trillion dollars. Approximately $50 billion in market value was wiped out in just one day.
This volatility in the markets is also associated with the fluctuating fund inflows into spot Bitcoin ETFs in the US seen in recent weeks. Latest data reveals that while there are strong inflows on some days, there are serious outflows on other days, and institutional investors still take a cautious stance.
As a result, Bitcoin’s unsuccessful attempt at 93 thousand dollars shows that a clear upward trend has not started in the market yet. While the 88-90 thousand dollar band stands out as a critical support zone in the short term, falling below this level may accelerate the selling pressure again. On the other hand, ETF flows and macroeconomic developments will continue to determine the direction in the coming days.
