Cryptomarket corrects overnight

After days of rising prices, the crypto market exhausts itself overnight. These coins experience a correction.

The correction was coming. Almost all the coins in the top 10 (measured by market capitalization) corrected overnight. The hardest hit was Dogecoin (DOGE) with a 10 percent loss, followed by BNB with a 7 percent drop.

Bitcoin is only slightly in the red, down 2 percent. Only XRP manages to buck the downward trend in the top 10. For investors, however, the recent correction will not be a major shock. On a weekly basis, the overall crypto market is still firmly in the plus. BTC grew 21 percent over the past seven days, which was the best week in the coin's history in absolute terms.

Consequently, the Bitcoin Volatility Index has risen sharply. Dogecoin is riding the wave of success of Trump supporter Elon Musk, known as a DOGE fan. The memecoin posted a 76 percent increase on a weekly basis.

Analyst Willy Woo explains the correction on X: "88,000-91,000 per BTC was the first price point. We reached that. There should be a consolidation here, due to both local Fibonacci levels and liquidation levels, where most short positions have been liquidated."

Woo sets the next price target for Bitcoin at $102,000 USD. Will BTC reach that target this year?