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The global crypto markets embraced volatility as the Bitcoin price fell below the $69,000 threshold on Monday morning. This triggered a broad market sell-off, which sent most of the cryptocurrencies to their intra-day lows. Prominent altcoins like CORE and Dogwifhat (WIF) remained in focus, while other coins like PEPE and TIA dropped significantly.
Crypto prices are likely to remain volatile until the BTC price stabilizes above the 2021 peak of 69,000. So far, the leading cryptocurrency has been unable to strengthen its hold above the key level, which has forced many investors to take a cautious approach.
Once Bitcoin breaches the $75k barrier and holds, a strong uptrend is expected in the altcoin market, which exhibits a very strong correlation to BTC. Ethereum, which is the biggest altcoin, also needs to gain strength above $4,000 for the overall market sentiment to remain positive.
Side by side, the phenomenal run of Dogwifhat memecoin continues, and it soared to a new all-time high of $4.83 during the weekend. This propelled the market capitalization of the dog-themed coin to $4.8 billion. After a pullback on Monday amid a negative wider market sentiment, WIF was trading at $4.46 at the start of the New York session.
Another coin that is having an incredible rally is CORE. The native asset of the Turing complete blockchain, which leverages Bitcoin's hashrate and has EVM functionality, is now sitting at a market capitalization of 2.4 billion. However, after a massive surge, at least a short pullback seems almost imminent.
Technical analysis showcases that CORE/USD is trading above the major supply zone of $2.50. If the current levels are held, the next possible stops could be $3.29 and $3.57 resistances which are marked on the following chart. On the other hand, a breakdown below the $2.5 level could trigger a major correction.
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