Crypto Market Crash: Bitcoin Dips Below $114K as Altcoins Bleed Harder
Crypto Market Overview: Red Dominates
The total crypto market cap has plunged by over 3.2% in the past 24 hours, currently standing at $3.65 trillion. The drop marks a sharp continuation of the downtrend that began in late July. Almost every major altcoin is flashing red, with Bitcoin ($ BTC ) and Ethereum ($ ETH ) dragging the market lower, and several altcoins following suit with deeper losses.
Total Crypto Market Cap Chart Analysis
- The market cap failed to hold the $3.72T support, now turned resistance.
- The 21 EMA is sloping down, showing continued bearish pressure.
- The RSI is deep in oversold territory at 27.18, suggesting a potential relief bounce but confirming the current weakness.
- Volume spikes and aggressive sell-offs hint at institutional unloading.
Outlook: If $3.65T breaks further, the next major support lies near $3.54T. Upside recovery will only start once $3.72T is reclaimed and held.
Bitcoin Chart Analysis: $113K and Dropping?
Bitcoin’s 4H chart paints a similarly bearish picture:
- Price rejected at $118.6K, a major resistance zone highlighted by a horizontal orange line.
- It broke down from the short-term support at $116K, now acting as resistance.
- The 9 and 21 MA cross is bearish, with the 9MA sharply sloping below the 21MA.
- RSI at 29.20 confirms oversold conditions, yet no reversal signals are visible.
Outlook: If BTC doesn’t reclaim $116K soon, the next support rests around $111K–$112K. Only a strong close above $118.6K can reestablish bullish control.
Top 10 Crypto Performance (Excluding Stablecoins)
From the latest data snapshot, here’s how the top 10 non-stablecoin cryptos are performing:
| 1 | Bitcoin | $115,654.77 | -2.44% | -0.64% | $2.3T |
| 2 | Ethereum | $3,657.06 | -4.60% | -1.68% | $441B |
| 3 | XRP | $2.99 | -4.41% | -4.32% | $177B |
| 5 | BNB | $772.62 | -3.16% | -0.21% | $107B |
| 6 | Solana | $169.25 | -5.55% | -6.64% | $91B |
| 8 | Dogecoin | $0.2078 | -5.93% | -10.30% | $31.2B |
| 9 | TRON | $0.3273 | -0.15% | +4.00% | $31B |
| 10 | Cardano | $0.7292 | -6.19% | -10.46% | $25.8B |
Key Observations:
- Bitcoin held relatively better than altcoins but remains in a technical downtrend.
- Ethereum continues underperforming BTC, showing a sharper daily decline.
- XRP, ADA, and DOGE are among the worst weekly performers, each dropping over 10%.
- Solana is breaking down after ETF hype cooled, now at -6.64% weekly.
- TRON (TRX) stands out as the only green token over the past 7 days (+4.00%), possibly due to recent ecosystem or regulatory news.
What’s Next?
The market is clearly risk-off. Bitcoin must reclaim $116K–$118K to reverse sentiment. RSI on major assets is deeply oversold, so a technical bounce could occur — but the trend remains down. Altcoins are more vulnerable, especially those with high volatility like ADA and DOGE.
$BTC, $ETH, $XRP, $BNB, $SOL, $DOGE, $TRX, $ADA
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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