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Bitcoin (BTC) 
$104,303 started Sunday at $96,000, experiencing nearly a $3,000 loss during the day. The failure to reclaim $100,000 has led to increased weakness in altcoins amidst low trading volumes over the weekend. Ethereum (ETH) 
$2,626 also retreated to $3,300.
Current Bitcoin Situation
After reaching a historic peak of $108,000, Bitcoin’s price has turned downward. The market has been adjusting to the reality that the Fed will implement fewer interest rate cuts in 2025. Powell’s recent statements have further solidified this negative sentiment.
Although the latest PCE data indicated a lower-than-expected increase, it does not change the fact that inflation has stalled. We need to see improved December data in January to confirm a continued downward trend after several months. Moreover, any further interest rate cuts from the Fed will depend on unemployment rates targeting 4.3% or higher again.
Current State of Cryptocurrencies
The total value of the cryptocurrency market has declined to $3.29 trillion, with a 24-hour trading volume falling by 41% to $169 billion. Bitcoin’s market dominance has risen to 57.8%, while the ETH/BTC pair lost the critical support level of 0.036 BTC, raising concerns of larger declines in altcoins.
The potential bottom for the ETH/BTC pair is at the 0.0336 level, but despite testing this point, a sharp recovery has yet to begin. As the new week approaches, the return of cleared long positions, increased spot volume, and potential new supportive announcements from Trump could signal a reversal.
In the past week, cryptocurrencies like MOVE, HYPE, and BGB gained between 30% and 43%, while almost all of the top 100 cryptocurrencies faced losses. The most significant declines were seen in WIF, CRV, DYDX, GALA, APT, and OP Coin, all averaging losses of over 30%.
