Bitcoin momentum weakens at $120K, PENGU among the few altcoins holding in green

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.