This week, the crypto market has experienced significant volatility, with Bitcoin (BTC) and Ethereum (ETH) being the main focus. After experiencing significant selling pressure early in the week, Bitcoin dropped from around $58,448 to $52,560. This pressure was mainly caused by concerns about the possibility of an interest rate hike by the US Federal Reserve, triggering selling in the crypto market and other risk assets.

Nevertheless, Bitcoin managed to maintain a critical support level around $52,000, demonstrating resilience amidst bearish market sentiment. Long-term holders remain optimistic, which helps prevent further price declines.

Ethereum also follows a similar trend to Bitcoin, experiencing a decline from $2,551 to $2,532. Another factor that influences is the delayed implementation of the eagerly awaited upgrade, which makes investors hesitant and triggers selling action.

In addition, other altcoins such as Solana (SOL) and Cardano (ADA) also experienced price declines despite positive developments in their ecosystems. However, Solana appears to be more stable compared to other altcoins, supported by investor interest in the progress of its network.

Overall, the crypto market is currently in a corrective phase with dominant bearish sentiment. However, there is still long-term optimism among investors who continue to monitor macroeconomic developments and monetary policies in various countries.