Bitcoin’s price ascent was stopped once again at $104,000 yesterday and the asset is down by over two grand since then, going toward a key support line.
The altcoins have turned red, with massive price drops from the likes of XRP, SOL, DOGE, ADA, SUI, AVAX, and many others.
BTC Below $102K
The primary cryptocurrency surged in an impressive manner last week when reports emerged that the US and China will meet over the weekend to discuss a trade deal. This led to a massive price pump that saw BTC reclaim the coveted $100,000 last Thursday and kept climbing to $104,000 during the weekend.
When both economic giants announced a tariff pause for 90 days on Monday, bitcoin jumped to a new multi-month peak of almost $106,000 . However, it couldn’t breach that level and dumped below $101,000 almost immediately.
The bulls managed to intervene and kept the asset within a six-digit territory. Moreover, BTC jumped to $105,000, where it faced another rejection. As of now, the cryptocurrency struggles to remain above $102,000 after a 2% daily decline, even though the overall landscape remains bullish .
According to Ali Martinez, BTC is on its way down toward a key resistance level of $101,600. A breakdown below that level could result in dumping back into five-digit price territory.
Its market capitalization has declined to $2.020 trillion on CG, while its dominance over the alts has increased slightly to 59.6%.
Alts Bleed
The altcoin space has bled out heavily on a daily scale. Ethereum was stopped above $2,700 and has plunged to $2,530 after a 3.2% daily drop. XRP, SOL, DOGE, ADA, SUI, LINK, and XLM have marked even more significant price declines of up to 7-8%, while AVAX has plunged by almost 9%.
Nevertheless, PI leads the adverse trend with a spectacular 27% nosedive after the recent ecosystem announcement .
The total crypto market cap has shed around $100 billion daily and is down to $3.4 trillion on CG.
