Alert 🚨 Why is the crypto market declining? Will the bull market return?
On Saturday, May 17, the cryptocurrency market continued to decline, with most altcoins giving back some of their recent gains.
Bitcoin, as the dominant force in the market, often drives the overall trend. Typically, when Bitcoin rises, altcoins will also follow suit; when Bitcoin falls, they will decline as well. For example, when Bitcoin broke through $90,000 and soared to $105,900, most altcoins achieved double-digit gains.
But now the market has reversed. Bitcoin failed to break through the key resistance level of $105,000 and did not retest its historical high, leading to a cooling market sentiment and a subsequent drop in altcoins.
Additionally, another significant reason for the market decline is profit-taking by investors. Investors who profited during this round of rising prices have begun to cash out, increasing selling pressure. Some of the best-performing coins during the rally have now become the ones with the largest declines.
Will the bull market return soon? Please keep a close eye on Bitcoin ($BTC), as it remains key to the market direction.
#BTC #ETH #xrp BinanceAlpha$1.7MReward#EthereumSecurityInitiative #MastercardStablecoinCards
