The cryptocurrency market experienced a significant drop in prices, with bitcoin falling to just above $95,000 and ether down to $3,590. The broader market also saw declines, with Cardano, Avalanche, and XRP experiencing dives of around 20%. Over $750 million worth of leveraged derivatives positions were liquidated, primarily bullish bets. However, there are indications of waning momentum, including declining exchange volumes and profit-taking by long-term holders. Despite the current consolidation phase, analysts believe the bull market will regain momentum, but traders should focus on core positions and avoid weaker segments. Traders in the options market are positioning themselves for sideways price action until year-end.



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