The cryptocurrency market faces heightened uncertainty as Bitcoin struggles to overcome significant resistance near $115,700, leading to potential downside risks. Currently trading around $113,444, Bitcoin’s failure to breach this technical barrier threatens to trigger a broader market retreat.
Altcoins collectively show signs of exhaustion with their total market capitalization declining 2.56% from recent peaks to $1.44 trillion. This marks a notable cooling-off period following the sector’s remarkable 60% rally between April and July, with momentum indicators suggesting a sustained correction phase has begun.
Critical support levels for Bitcoin now stand at $107,805 followed by $99,479 – thresholds that could see prices collapse below the psychological $100,000 mark if breached. Altcoin traders are similarly monitoring key individual support zones amid slowing momentum after mid-July peaks across the sector.
The current consolidation reflects pervasive market uncertainty, with participants anticipating increased volatility in coming trading sessions. Market structure indicates a potential shift in sentiment as the sustained rally shows definitive signs of fatigue across both Bitcoin and alternative cryptocurrencies.