The Cryptocurrency Market Continues to Experience a Steep Downtrend, Marking Its Third Consecutive Day of Losses

Bitcoin (BTCUSD), the market leader, has fallen approximately 12% over this period, crossing below a critical support level not breached in the last 50 days.

Bitcoin (BTCUSD) continued its steep three-day跌势 on Friday, adding to the substantial losses incurred by most major cryptocurrencies. The world's largest cryptocurrency slid 3.81% over the past 24 hours, currently trading at $91,417.29, as traders closely monitored its price action around a pivotal support range.

Bitcoin breached a critical support level in the Bitcoin Futures market, falling below apx 91700. Now I'm watching the $89,500-$90,000 range closely, following the directional bias of "bearish below $94190" analyzed in Bitcoin on ForexLive.com here as a potential zone for stabilization. This level could act as a psychological and technical floor, given the intense selling pressure observed. Contrarians may even want to bet on a Long there, but perhaps some of you want to wait for our next 'Bitcoin analysis for today' .... tomorrow :) ... if Bitcoin futures gets close to $89,500-$90,000.

Most Major Altcoins Facade a Bloodbath

Other cryptocurrencies also faced significant declines on Friday. Here's a closer look at some of the notable movers:

Ethereum (ETHUSD) dropped 4.52% to $3,176.30, continuing its multi-day sell-off. Over the last three days, ETH has lost over 10% of its value.

Dogecoin (DOGEUSD) saw one of the largest declines, falling 7.87% to $0.31526. DOGE has been underperforming amid a lack of positive catalysts.

Solana (SOLUSD) was another major loser, sliding 7.50% to $182.61. The sharp decline highlights the vulnerability of layer-1 protocols during broader market corrections.

Pepe (PEPEUSD) faced heavy selling pressure, dropping 6.19% to $0.000016725. Its recent performance reflects broader market uncertainty around meme coins.

Chainlink (LINKUSD) slid to $19.27, reflecting a decrease of 5.72%. Despite recent partnerships and ecosystem growth, Chainlink has struggled to maintain upward momentum in this environment.

Cardano (ADAUSD) slipped 6.34% to $0.887, failing to hold critical support levels. ADA's recent losses have erased its prior weekly gains.

XRP (XRPUSD) fell 4.90% to $2.2562, adding to its three-day decline. The asset's inability to sustain above key levels has worried traders.

Some Decliners and Relative Stability

While most cryptocurrencies experienced severe declines, Binance Coin (BNBUSD) and Shiba Inu (SHIBUSD) showed slightly more resilience:

Binance Coin (BNBUSD) slid 2.86%, trading at $676.30. BNB held up better than most major altcoins but remained under pressure.

Shiba Inu (SHIBUSD) limited its losses to 2.16%, trading at $0.00002083, despite being a meme coin.

Bitcoin's Pivotal Support, Altcoin Performance in the Coming Days

Bitcoin's price action around the $89,500-$90,000 range is a key factor in the coming days. If this support holds, it could provide a foundation for a potential recovery. However, a sustained break below this level may trigger further panic selling, dragging the market deeper into bearish territory.

For altcoins, the outlook remains heavily tied to Bitcoin's performance. Investors are advised to exercise caution and consider partial profit-taking strategies during this volatile period. With no immediate catalysts on the horizon, the market may remain under pressure in the short term.