Bitcoin momentum weakens at $120K, PENGU among the few altcoins holding in green
Main Idea
Bitcoin's momentum weakened near the $120,000 resistance level, leading to a broader market downturn, while a few altcoins like PENGU remained resilient.
Key Points
1. Bitcoin faced resistance at $120,000, pulling back to the $117,000–$118,000 support zone, with total crypto market capitalization dropping nearly 6% to $3.94 trillion.
2. Analysts noted overbought RSI readings and increased liquidation activity, suggesting potential further volatility.
3. Market sentiment remained elevated despite the drawdown, with long-term indicators like Pi Cycle Top and MVRV suggesting the bull market peak has not yet been reached.
4. Altcoins mirrored Bitcoin's downturn, with Ethereum (ETH) slipping 2.5% and other large-cap coins like XRP, SOL, DOGE, and ADA facing steeper losses of 6-8%.
5. A few altcoins, such as PENGU, PUMP, and A, held minor intraday gains despite the broader market decline.
Description
Bitcoin bulls pushed toward the $120,000 resistance but lost momentum, pulling back to the $117,000–$118,000 support zone as the broader market followed suit. Total crypto market capitalisation dropped nearly 6% to $3.94 trillion, slipping below the $4 trillion mark as traders locked in gains after recent highs. Despite the drawdown, sentiment remained elevated. The Crypto Fear and Greed Index rose two points to 74, reflecting continued optimism and suggesting that the pullback is still being vi...
Latest News
- NEAR Protocol partners with Everclear to transform cross-chain stablecoin settlement2025-07-23 18:03:33
- Bitcoin momentum weakens at $120K, PENGU among the few altcoins holding in green2025-07-23 17:30:23
- Elon Musk’s SpaceX transfers its Bitcoin holdings2025-07-23 15:20:34
- Polymarket returns to the US: what you need to know2025-07-23 15:20:06
- Bybit report: RWA and DEXs emerge as new growth drivers for DeFi2025-07-23 14:55:12