Key takeaways
- BTC dips below $118k as altcoins record huge losses.
- The leading cryptocurrency could drop below the $116k support level if bearish sentiment grows stronger.
Bitcoin stagnates around $117k as altcoins bleed
The cryptocurrency market has been bearish over the last 24 hours after enjoying a bullish trend over the last couple of days. Bitcoin, the leading cryptocurrency by market cap, is down by less than 1% in the last 24 hours and now trades around $117k.
However, altcoins recorded heavy losses as they undergo a correction. XRP is down 11% and risks dropping below $3.0 while Ether could drop below $3,500 after losing 3% of its value.
Solana, BNB, TRX, ADA, and Dogecoin are all trading in the red. The bearish performance saw the total crypto market cap decline by 2.6% to now stand at $3.85 trillion. This comes a few days after the total crypto market cap hit a record high of $4 trillion.
BTC risks dropping below $116k if selling pressure increases
The BTC/USD 4-hour chart is bullish and efficient, suggesting that the bulls are still in control despite signs of weakness. The technical indicators