Bitcoin Slumps Below $84K as Altcoins Follow Suit in Cryptocurrency Market Correction

Bitcoin's explosive start to the week was bound to be followed by a correction, which began yesterday evening and culminated today with a price drop below $84,000.

The altcoins have followed suit, with ETH slumping below $2,700 and Ripple's XRP plummeting by over 7% to under $1.50. LTC is among the few exceptions today, rocketing by almost 8% to $68.

After dropping to $75,000 last Wednesday due to macro developments such as the CLARITY Act being voted down and the Fed hiking rates in the US, BTC ended the week on a strong note, surging past $80,000 on Friday. It climbed to $82,000 on Saturday but pulled back to $80,300 after new escalations on two major war fronts.

However, Bitcoin couldn't be contained yesterday and blasted through several resistance levels in just 12 hours, skyrocketing to an eight-month peak of over $87,000. This was followed by another rejection that drove it south to under $84,000, where it currently struggles.