A bitcoin (BTC)-led crypto market correction continued into its third day as the asset lost a further 3.5% in the past 24 hours, nearing $94,000 a week after it came within touching distance of the landmark $100,000 level for the first time.

BTC has pared weekly gains from over 10% to just 3% amid profit-taking on the expected pullback. Major tokens have followed the tumble, data shows, with Solana’s SOL, BNB, Cardano’s ADA and dogecoin (DOGE) falling as much as 7% in the past 24 hours.

The broad-based CoinDesk 20 (CD20), a liquid index tracking the biggest tokens by market capitalization, minus stablecoins, is down nearly 3%.

As such, a short-term target of $100,000 per BTC remains unchanged, with analysts viewing a correction of as much as 10% from the peak (or as low as $92,000) as a “natural phenomenon.”

“This correction occurred due to leverage overheating, as open interest and estimated leverage ratio reached annual highs,” CryptoQuant independent analyst MAC_D said in a Tuesday note. “Therefore, a 10-20% correction can be seen as a natural phenomenon.”

“From an on-chain perspective, cycle metrics such as MVRV, NUPL, and Puell Multiple still indicate that Bitcoin is in a bull market with upwa

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Author: Shaurya Malwa