Following a brief bullish move, the cryptocurrency market is again in a state of limbo. In other words, the period of uncertainty is back, plaguing the ecosystem. BTC showed who is the boss and rallied to $110,000 and then pulled back. This sudden change of gears has people concerned.
Several altcoins have shown similar movement where the token surged and then pulled back. Even bigshot alts like ETH, SOL, and XRP have also demonstrated this tendency. Even though the hype is still real, the CPI data by the FED can destabilize the homeostasis.
BTC pulled back as soon as it reached the weekly high of $110,330. While the pullback was part of a normal market movement, investors feared a price reversal and reacted accordingly. There has been a gradual downturn in the BTC price. At the time of writing, the token has declined by 10.49%.
This decline triggered an industry-wide decline, with other major tokens like ETH and SOL taking the brunt of it. ETH has been trading near the $2,765 mark. Therefore, the decline is an industry-wide decline that can trigger another major flushout.
