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The cryptocurrency market experienced a pullback today, with major cryptocurrencies declining due to profit-taking after a strong rally earlier this week.
Doge was hit the hardest, dropping over 5%, while BTC remained stable around $93,000.
Other major tokens such as XRP, Solana (SOL), and BNB also lost over 2%, with ETH experiencing a smaller decline of 1.5%.
Why Did Cryptocurrencies Suddenly Face Selling Pressure?
The cryptocurrency market declined slightly by 2.5%. This selloff was not triggered by negative news but by profit-taking after previous gains. Despite ongoing global economic risks and political uncertainty affecting market sentiment, Bitcoin remained resilient, attracting over $916 million in ETF inflows. In a volatile market environment, investors are increasingly viewing Bitcoin as a safe-haven asset.
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Bitget analyst Vugar Usi Zade noted that Bitcoin's correlation with stocks continues to weaken, while the dollar's decline has enhanced its attractiveness as a store of value. However, short-term market trends remain heavily influenced by macroeconomic signals.
Global Political and Macroeconomic Tensions Intensify Volatility
The global political landscape adds another layer of uncertainty. Although President Donald Trump recently stated that he has no intention of firing Federal Reserve Chairman Jerome Powell, which calmed markets and eased some bond market tensions, the ongoing US-China trade war remains an uncertain factor.
Some Chinese goods face tariffs as high as 245%, keeping tensions elevated. Meanwhile, QCP Capital pointed out that Powell's statement eliminated a key risk factor, but geopolitical instability and regulatory ambiguity continue to drag down market sentiment.
Therefore, the market remains in a "wait-and-see" phase. Bitcoin's stable price trend and growing ETF demand have brought optimism, but the broader cryptocurrency market, especially meme coins like Doge, remains susceptible to market sentiment fluctuations.
Doge: Analysts Discover Breakthrough Potential
Despite the current market downturn, Doge analysts remain optimistic about the coin's long-term prospects. Cryptocurrency analyst Javon Marks believes that despite recent declines, Doge remains in an upward trend. He emphasizes that the price has been forming higher lows and higher highs, a classic pattern indicating continued upward momentum. Marks predicts that if the bullish trend continues, Doge could potentially reach $0.6533 or even $1.25.
On the other hand, analyst Ehsan Zeydabadi notes that Doge is forming a symmetrical triangle formation, which typically signals an imminent breakthrough. If Doge quickly breaks through its resistance level, it could rise to $0.194; however, if it fails to break through, the price might drop to around $0.146 or lower.
Bitcoin Price Today: Market Maintains Resilience Amid Volatility
Despite uncertainty facing other cryptocurrencies, BTC has proven to be a resilient asset, attracting increasing institutional investor interest. Currently, Bitcoin remains strong, maintaining around $93,000, thanks to its safe-haven appeal during economic uncertainty.
Additionally, Bitcoin's reduced correlation with traditional stocks and the dollar's decline make it a potential long-term store of value.
