Litecoin fell 6% to come close to $90 on Wednesday, with LTC feeling the downside pressure as Bitcoin briefly dipped below $90,000 – again.
The decline for BTC also saw Ethereum struggling to maintain a key support level, with its price dipping under $3,000.
Many altcoins bore the brunt of the downside momentum. The crypto market cap dropped under $3.1 trillion.
A broad sell-off has raised concerns among investors, and analysts see macroeconomic factors as key to what happens next.
Litecoin drops 6%, risks breakdown below $90
Litecoin (LTC) price has plummeted by over 6% in the past 24 hours, and traded to lows of $90.81 on Nov. 19.
The intraday low, which came amid a broader altcoin rout, saw LTC extend losses following a breach of the critical $100 level. On the day, dipping from intraday highs of $96.58 means bulls broke below the $95 support zone again.
In recent weeks, that level had held firm as prices dipped on Nov. 14.
This drop towards $90 has amplified fears of further pressure. In October, a breakdown below $95 and $90 allowed bears to revisit lows of $82.
Litecoin could see a similar trajectory if bulls fail to come to the party, particularly as open interest declines amid thin liquidity.
Factors such as Bitcoin’s dip, which has exacerbated spillover effects across top alts, could contribute to further downward action.
Bitcoin, Ethereum face fresh sell-off pressure
Bitcoin (BTC) and Ethereum (ETH) witnessed intensified selling pressure again on Nov. 19.
After a brief recovery to above $93,000, BTC set lower and broke to under $90k. Shattering the mark, a key level in recent days, allowed sellers to push Bitcoin to lows of $89,416.
While the benchmark digital asset has returned to near $90k, analysts say fresh downturn action could be bad news for bulls.
Ethereum has fared similarly in the past months. The ETH token slipped nearly 7% to under $2,930, a retreat that highlights waning momentum amid continued spot ETF outflows.
Moreover, analysts point to reduced odds for a US interest rate hike as hampering risk assets.
What are analysts saying?
QCP Group analysts shared insights on the current market outlook via X.
In a thread posted as BTC and ETH struggled, they noted that macro conditions are weighing on sentiment. Thin liquidity is amplifying the bleak outlook.
“Markets are rapidly repricing Fed expectations; the once-assumed December cut now sits at roughly even odds. This shift has pressured duration-sensitive assets like $BTC while $SPX finds some relief in strong corporate earnings from hyperscalers reporting record AI-driven capex,” QCP Group added.
As for what happens next, the firm noted:
“Overall, conditions look more late-cycle than recessionary, but with fiscal constraints, uneven consumption, and liquidity thinning, the coming data will decide if $BTC’s drop is a shakeout or the start of a broader risk-off phase.”
Bitcoin traded near $89,533 and Ethereum around $2,929 at the time of writing. LTC hovered near $90.65.
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