BTC slips to $115k as broader market underperforms

TL;DR

• BTC is down roughly 2% in the last 24 hours and now trades around $115k.
• Altcoins are also underperforming, with the market shedding over $200 billion in the last few days.

BTC Could Slip Below $115k Amid Selling Pressure

The cryptocurrency market has been bearish over the past few days, with altcoins like XRP, ETH, and ADA recording huge losses. Bitcoin, the leading cryptocurrency by market cap, has lost nearly 2% of its value over the last 24 hours and now trades below $116k.

BTC has been consolidating around the $118k level after failing to overcome the $120k resistance level earlier this week. The leading cryptocurrency hit a new all-time high of $123k last week and is now undergoing a correction.

The bearish performance saw over $600 million worth of leveraged positions liquidated from the market.

In an email with Cryptowisser, Ruslan Lienkha, chief of markets, YouHodler (EU-based Web3 platform), explained that the correction is expected following the market’s recent rally. He stated that,

“Bitcoin's prolonged consolidation phase has led to a broader market correction across major altcoins, including Ethereum, XRP, Solana, and others. After weeks of substantial gains and bullish momentum, the current period of sideways movement in BTC has weakened investor enthusiasm and triggered profit-taking across the cryptocurrency sector. However, from a technical analysis standpoint, the overall market structure remains bullish, suggesting the recent pullback may be more of a temporary correction than a reversal.”

It remains unclear how long the correction will last. However, analysts believe that the medium to long-term momentum remains positive for Bitcoin and the leading altcoins in the market.