The cryptocurrency market is currently facing significant turbulence as a wave of selling pressure sweeps through major assets. Bitcoin (BTC) has dropped below the $113,000 mark, currently trading at approximately $112,951, marking a nearly 3% decline over the past week. This recent downturn highlights a weakening momentum for Bitcoin, struggling to maintain support within the $110,000 to $112,000 range. Analysts warn that if this support fails to hold, Bitcoin could target $105,000, with a more severe scenario potentially seeing it plummet to around $98,000.
Ethereum (ETH) is also experiencing a sharp reversal, sitting at $4,193 after a nearly 10% decline in the last week. Although Ethereum has had a strong rally earlier this month, it now appears vulnerable to further selling. Analysts suggest that if the downward momentum continues, Ethereum might see a drop toward $3,800, with deeper support around $3,500.
Other cryptocurrencies are following a similar trend. XRP (XRP) is trading at $2.82 and has lost over 7% in the past week. The altcoin has struggled to maintain the crucial $3.00 psychological barrier. Continued bearish sentiment could push XRP down to around $2.50, and even potentially to $2.20 if the downturn persists.
Binance Coin (BNB), currently valued at $1,017, has shown a slight increase of about 9% over the week. However, the latest price dip suggests a loss of momentum. If bearish pressure increases, BNB could retrace to near $950 and potentially further to $880.
Solana (SOL) has dropped to $224.94, experiencing a nearly 7% decline this week. After a robust performance above $250, Solana’s current pullback appears sharp. Should SOL break below the $220 mark, it may find support at $200, with further potential declines to $180 if panic selling ensues.
Dogecoin (DOGE) continues to struggle, trading at $0.2403 after a 13% drop in the last week, despite previous ETF hype. If the selling accelerates, DOGE could retrace to levels around $0.20 and even $0.18, effectively erasing much of its summer gains.
Cardano (ADA) is also facing challenges, currently priced at $0.8221 with a nearly 8% weekly decline. Analysts note the importance of defending the $0.80 level, as a failure to do so could lead to further drop towards $0.70, with deeper support at $0.60.
Chainlink (LINK) has seen a steep decline, now priced at $21.27, reflecting over a 12% drop in the past week. The bearish trend could see LINK testing downside levels at $19 and potentially reaching $16 if the correction continues.
Amidst the turbulence, other altcoins are also showing red across the board. TRON (TRX) is hovering around $0.3355, risking a drop toward $0.30, while Hyperliquid (HYPE) has slipped to $49.07, with future targets estimated around $42 and $38.
Overall, the cryptocurrency market is displaying critical warning signs. While Bitcoin and Ethereum remain the dominant forces, technical indicators suggest more pain could be on the horizon. Key support levels across major altcoins are at risk, and without an improvement in global risk sentiment, a deeper market correction may be imminent.
