Key takeout
BTC is below $118K as Altcoins logs a big loss.
Major cryptocurrencies could fall below the $116,000 support level when bearish sentiment becomes stronger.
Bitcoin stagnates around $117,000 when Altcoins bleed
The cryptocurrency market has been bearish for the past 24 hours after enjoying bullish trends over the past few days. Bitcoin, the leading cryptocurrency by market capitalization, has fallen below 1% in the last 24 hours and is currently trading around $117,000.
However, Altcoins recorded a huge loss when receiving the fix. XRP is down 11%, with risk below $3.0 and after losing 3% of its value, ether could fall below $3,500.
Solana, BNB, TRX, ADA, and Dogecoin are all traded in red. Bearish performance has led to the mayor of the Soichi-Year Market system down 2.6% to $3.85 trillion. This comes just days after the total crypto market capitalization reached a record high of $4 trillion.
BTC risks below $116K if sales pressure increases
The BTC/USD 4-hour chart is bullish and efficient, suggesting that despite signs of weaknesses, the Bulls are still in control. Technical indicators remain bullish, but have slowed down over the past few days.
The pair is currently integrated and could expand to a new all-time high, or face corrections downwards. BTC may retest $116,000 in support and TLQ levels over the next few hours. TLQ levels act as liquidity to increase the price of BTC. However, if you can’t defend this level, you could potentially reduce your BTC.
The MACD line is in a neutral zone, suggesting that the market is integrated. The RSI of 51 also indicates that buyers are losing control of the market.
If the Bulls are unable to defend their $116,000 support level, BTC could drop sharply at $112K for next support. However, if the $116K TLQ acts as a springboard, BTC will surpass the $120,000 resistance and push towards the all-time high.
