Bitcoin’s price has slipped below the key $102,000 mark, dragging much of the crypto market lower as Ethereum, XRP, and several other major digital assets struggle to find support. After briefly pushing above $104,000 earlier in the week, Bitcoin faced heavy selling pressure, quickly reversing gains and triggering a broader market downturn.

Market analysts attribute this weakness to several factors. Uncertainty around U.S. Federal Reserve policy, particularly regarding a potential December interest rate cut, has investors wary. The so-called “Coinbase Premium”—a measure of U.S. investor demand—has remained negative, pointing to a lack of strong American buying interest. Additionally, trading volumes have stayed subdued, amplifying price swings and making it easier for large sell-offs to move markets.

Technical signals show Bitcoin has encountered stiff resistance in the $104,000 to $105,200 range, with failed attempts to sustain rallies above these levels. Defensive posturing among institutional traders is evident, as options market data reveals a surge in put option accumulation—suggesting hedging against further downside rather than outright bearish bets. Major support now sits near the psychological $100,000 barrier, and a decisive break below could open the door to deeper losses and fuel more volatility.

Ethereum and XRP have mirrored Bitcoin’s pattern, each seeing declines of over 2% as investor risk appetite wanes. Analysts note that overextended leveraged positions have been flushed out in this correction, and whale activity indicates a shift from accumulation to distribution, further pressuring prices.

With macroeconomic headwinds and technical resistance still in play, the crypto market remains in a cautious, range-bound phase. Until clearer catalysts emerge or confidence returns, traders and investors are advised to be patient and watch for confirmations of either support holding or a renewed shift in momentum.