After several days Bitcoin tried to climb to the $17,000 level, finally on the losing day when it fell to a low level below $16,000.
Alternative cryptoassets also suffer the same fate. The crypto market was largely dragged down by the issues besetting ETH. The cryptocurrency ETH has fallen to that $ 1,100 for the first time in ten days.
Following the previous week's volatility, which was caused by the collapse of FTX, Bitcoin has calmed down and traded between $16,000 to $17,000 for several days. The asset also tried to take that level several times to no avail.
Following the inability to hold support on Friday, BTC has been trading around $16,600. However, the landscape changed in the last 24 hours as the bear market began to dominate the market again.
As of now, BTC is still trading around $16,000 but the Bitcoin market cap is getting critical with under $300 billion. However, BTC's market dominance has increased slightly to 38.7% as most alts have shed more.
The latest price drop comes amid warnings that the price of BTC could fall as low as $9,500 if it replicates the previous bearish market cycle.
