The price of Bitcoin, the leading cryptocurrency by market cap, fell to an intraday low of $93,054.

According to Andrew Thrasher, portfolio manager at The Financial Enhancement Group, the leading cryptocurrency is Testing offline 50-day moving average (MA) on the daily chart.

Cryptocurrency analyst David Valeris believes that Bitcoin price may retest the $73,600 breakout point if it falls below the $92,600 level. “The probability of this happening is about 40%. However, my ultimate target for the measured move is still $123,000,” the chartist noted in a recent social media post.

The major cryptocurrency has fallen by 2.7% in the past 24 hours. It is now down about 13% over the past week.

Most altcoins were also hit hard, with Ripple (XRP) falling as much as 4%. The Ripple-related cryptocurrency, which surprised the market with huge gains in November, has now fallen to fourth place in terms of market capitalization. It is currently valued at $122.7 billion.

Dogecoin (DOGE) and Cardano (ADA) also fell by 2.5% and 2.2%, respectively.

Earlier today, business intelligence firm MicroStrategy announced another large purchase of Bitcoin for the seventh week in a row. However, it is expected that it failed to push the price of the cryptocurrency higher.

On December 17, the leading cryptocurrency rose to a record high of $108,135. However, it lost its upward momentum after the Fed Shown It is preparing to implement smaller interest rate cuts than initially expected in 2025. The cryptocurrency is down 14.1% from its record high.