The bears are back in the crypto town, which is evident by yet another substantial price correction from essentially every digital asset.

Bitcoin led the adverse charge, with a nosedive toward $105,000 as of press time, which is a multi-month low on multiple exchanges. The altcoins follow suit in an even more painful manner.

Recall that bitcoin had recovered a lot of ground following last week’s calamity and even challenged $116,000 earlier this week. However, it faced an immediate and strong rejection at that point, which pushed it south to the crucial resistance at $110,000.

Although that line held at first, the bears were a lot more persistent and drove the asset below it yesterday evening. That was just the start of yet another deeper correction, however. In the past several hours, BTC has registered another leg down and is close to breaking below $105,000, which is the first line of defense, according to some analysts. The next such buying wall is formed at around $100,000.

Other market observers have turned completely bearish on the asset. Captain Faibik claimed that the 2024/2025 bull run is over, and they expect a 50% correction in the midterm.

Naturally, the altcoins are getting obliterated in such occasions. Binance Coin, for example, which set a new all-time high just days ago, has plunged by over 12% in the past 24 hours to under $1,050 as of press time. ETH is down by more than 6%, XRP’s losses exceed 7%, and the landscape with the lower caps is even more painful.

“Altcoins are under pressure as liquidity continues to rotate back into Bitcoin and stablecoins amid risk-off sentiment. This latest dip reflects declining speculative appetite after last week’s macro data, thin order books amplifying volatility, and renewed uncertainty around regulatory headlines impacting smaller-cap tokens,” said Wenny C, COO at SynFutures, in a statement to CryptoPotato.

The crash in the past 24 hours has impacted over-leveraged traders once again, with almost 290,000 such market participants getting wrecked. The total value of liquidations is on the rise again, hitting $1.1 billion, according to CoinGlass.

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