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Cryptocurrencies Fall Broadly as BTC Drops to $83,000, LTC Bucks Trend to Surge 10%

Source Tradingkey

TradingKey - The crypto market is under general pressure! BTC fell to the $83,000 mark, while Litecoin defied the trend to surge 10%, leading the gains.

On September 24, the crypto market experienced another downturn, as major coins plunged across the board to break key support levels. Over the past 24 hours, Bitcoin (BTC) fell 2.73%, approaching the $83,000 mark; Ethereum (ETH) fell 2.49%, losing the $2,700 mark; Binance Coin (BNB) dropped 2.08%, falling below the $800 threshold; and Ripple (XRP) plunged 7%, falling below $1.50.

Crypto-marketcap-top10-693416c625264472bd364c8937388810 Price changes of the top 10 cryptocurrencies by market capitalization, Source: CoinMarketCap

Amid the broad market decline, Litecoin (LTC) bucked the trend and surged by about 10%, rising to near $70 intraday to reach a new high since January this year. Litecoin's significant relative strength was mainly because as major cryptocurrencies entered high-level consolidation or pullbacks, some profit-taking funds flowed into legacy tokens with relatively lower valuations and more stable volatility structures. In addition, after LTC cleared the key resistance level of $60, it triggered technical buy orders and short covering, expanding intraday gains.

The main reason for this pullback in Bitcoin and major coins is that rising bond yields have put short-term pressure on risk assets. Next, it remains to be seen whether Bitcoin can form a bottom around the $82,000 level. If it can stop falling and stabilize, market sentiment will further recover, driving altcoins into a broader sector rotation, with Litecoin expected to push toward $90. If BTC breaks below support, caution is needed against the risk of overall market liquidity withdrawal, and LTC may fall back to retest the $60 support level converted from prior resistance.

ltc-price-b2953a35d4db493fbc7fa6030d78f74e LTC price chart, Source: TradingView

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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