Bitcoin Price Crashed To $86k, Ethereum Falls Nearly 3% as Most Altcoins Under Pressure

On Tuesday, Dec 16, most of the digital assets traded in a mixed manner, with Bitcoin (BTC) and Ethereum (ETH) facing another selling pressure, while select large-cap altcoins showed mild recovery. Overall market sentiment is cautious amid profit booking across major cryptocurrencies.

"The pullback has been driven by short-term whale profit-taking of nearly $2.78 billion and rising expectations of a Bank of Japan rate hike, which has pressured risk assets. Despite this, the broader outlook remains constructive. Institutional confidence is evident as Strategy added 10,645 BTC to its treasury, signalling continued accumulation. For now, buyers must defend the $84,000 support zone to prevent further downside. A sustained move above $92,700 would confirm a trend reversal and put Bitcoin back on a bullish path." said Akshat Siddhant, Lead Quant Analyst, Mudrex.

Bitcoin Price Today

Bitcoin price today is hovering around $87,254, with a total market capitalisation of approximately $1.74 trillion. Bitcoin has seen limited movement in the last 24 hours, gaining just 0.21%, but remains under pressure on longer time frames. Over the past week, BTC is down 5.88%, while its monthly decline stands at 7.56%.

"BTC's recent drop was mainly caused by long liquidations. After moving sideways around the $89K-$90K range, BTC broke below support and fell into a high-liquidity zone between $86K and $88K, briefly bottoming near $86K, forcing many leveraged traders to exit their positions. This accelerated the decline and cleared excess leverage from the market. After the flush, selling pressure has eased, but strong resistance remains near $88K-$90K. BTC is currently trading around $87K-$88K and is likely to trade sideways in the near term rather than bounce sharply." according to CoinSwitch Markets Desk.

Ethereum Price Today

Ethereum has underperformed Bitcoin in the latest session. The Ethereum price today is around $2,929, down 2.75% in the last 24 hours. On a weekly basis, ETH has dropped 11.74%, while the monthly decline stands at 5.50%.

Stablecoins Hold Firm

Among stablecoins, Tether (USDT) and USD Coin (USDC) continue to trade close to their peg at $1.

Altcoins' Performance Today

The broader altcoin market had mixed movement:

• BNB price today is trading at $870.78, up 1.35%, though it remains down nearly 6.15% on a monthly basis.
• XRP price today stands at $1.93, marginally higher by 0.07%, but down 13.19% over the past month.
• Solana (SOL) price today is around $127.95, up 0.75%, though it has fallen nearly 7.24% over the past week.
• TRON (TRX) is trading at $0.2802, slightly lower on the day and down 4.28% monthly.
• Dogecoin (DOGE) price today is at $0.1314, up 0.37% intraday, but has crashed 17.37% over the past month.
• Cardano (ADA) price today is trading at $0.3853, down 0.16% today and nearly 21% lower on a monthly basis.

In contrast, WhiteBIT Coin (WBT) has shown some strength. WBT price today stands at $57.72, with a market capitalisation of $12.33 billion. While the token slipped 0.91% in the last 24 hours, it has gained over 10% on a monthly basis.

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