Continuing our crypto news update from yesterday, the broader crypto market is hanging on for dear life. was trading around $103,000 yesterday, from where it fell to $100,000 and is currently trading at , trying to defend its current position.

(Source: CoinMarketCap)

Its price is currently moving between $100,412 and $103,478 and is showing signs of a slowing in momentum. The effects of its earlier rally that led to its ATH have cooled down, and traders are now more cautious.

For now, the short-term outlook looks bearish. The $100,000 level is a key support. If it holds, BTC might stabilize or bounce back from here. However, if it breaks below this level, prices could fall further, possibly towards $94,000, depending on how the market condition worsens.

To turn bullish again, BTC needs to break above the $110,000 – $112,000 resistance zone. Without that, it may continue to move sideways or drop.

Beyond the short-term ups and downs, BTC’s fundamentals remain solid and its long-term outlook looks promising. A lot of risky speculation has already been cleared out of the market, reducing the risks of big price drops.

Moreover, institutions and big investors continue to see BTC as a safe alternative to traditional assets.

Financial advisers and institutions are scooping up BTC at low prices through ETFs like iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC).

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dropped by 4.61% in the last 24 hours, falling to . It broke below its key support at $3,400 even though whales were buying aggressively.

Sellers outnumbered buyers at key levels, leading to its price breaching the key support. Its price action tried to test the $3,415 level, but was rejected, from where it quickly dropped to $3,400.

As the price was falling, whales bought the dip. They scooped up about 394,682 ETH worth $1.37 billion between $3,247 and $3,515.

Since then, ETH has faced issues climbing back to $3,350 and has come down to where it’s currently trading at $3,232.

On the technical side, ETH’s network is still strong as it recently hit a record of 24,192 transactions per second. But daily active users are down by 24% since August this year.

Looking ahead, traders are watching the price action closely. A move above $3,480 would help reverse the current downtrend.

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Read original story [LIVE]Crypto News Update: BTC Defends $100k, ETH Breaches $3,300 Support by Arijit Mukherjee at 99bitcoins.com