After heading toward $100,000 yesterday, bitcoin’s price has taken another wrong turn as the asset has lost over three grand since then.

The altcoins are also deep in the red, with massive daily price declines from the likes of SOL, DOGE, ADA, AVAX, LINK, SHIB, and many others.

BTC’s Short-Term Recovery

Although the business week started quite spectacularly for BTC, whose price skyrocketed from $101,000 to a new all-time high of over $108,000 by Tuesday, it actually turned sour on Wednesday after the latest US FOMC meeting.

The primary cryptocurrency began a massive correction that culminated on Friday with a price slump to around $92,000. Thus, the asset had lost more than $16,000 in just 72 hours.

At this point, the bulls finally managed to halt the freefall and helped BTC climb to $95,000. It kept going north on Saturday morning and jumped to $99,600. As the community was preparing for a potential challenge for the six-digit mark, bitcoin’s trajectory reversed once gain.