Bitcoin Slides Below $120K as Altcoins Extend Losses
The crypto market saw Bitcoin slide below $120,000 amid heightened volatility, deepening losses across major altcoins. BTC traded between $114,000 and $121,000, down 3.5% over the past week and over 21% in six months, struggling to reclaim the $123,000 resistance. Litecoin struggled around $113–131.82, up 32% monthly but facing the $139 resistance and eyeing $150. Pi Network’s PI traded at $0.33–0.46, gaining 6% weekly but down 17% monthly and 45% over six months, with potential resistance at $0.53. Traders are monitoring whether these key levels will hold or break; if Bitcoin fails to break above resistance, further declines could prompt a broader market pullback. This crypto market downturn highlights short-term pressure, despite potential longer-term support.
Bearish
This crypto market update is categorized as bearish due to Bitcoin’s breach of the $120,000 support level and amplified losses in altcoins, signaling weakened buying pressure. Historically, when Bitcoin fails to reclaim critical resistance—such as $123,000 in this instance—broader market declines often follow, as seen during last quarter’s pullback in June. The extended downtrend in altcoins like Litecoin and Pi Network further confirms risk-off sentiment. In the short term, traders may reduce exposure, increasing volatility and selling pressure. Over the long term, market fundamentals and macroeconomic drivers could foster recovery, but until Bitcoin reestablishes its previous support, the prevailing sentiment remains negative. As a result, this news tends to reinforce caution among crypto traders.