The crypto market has shown minor correction over the last 24 hours, with leading cryptocurrencies experiencing losses.
General Market Trends
The total cryptocurrency market cap has fallen to $3.82 trillion, down by 1.03%. Bitcoin is trading around $113,602, down 1.15% in the last day. Ethereum also faced selling pressure, slipping 1.43% to $4,156. Nonetheless, ETH remains up over 10% in the past week.
Pressure on Altcoins
Altcoins mirrored the wider market decline, with XRP dropping 3.28% to $2.89, marking one of the sharper declines among top tokens. Solana fell 1.45% to $180.81, while Dogecoin decreased by 1.81%, trading at $0.21. Cardano was hit harder than most, sliding nearly 6% to $0.84.
Bitcoin Resistance Analysis
Analyst Michaël van de Poppe stated that Bitcoin failed to break above the $116.8K resistance level. He highlighted, "It is quite clear we have a strong market, but BTC did reject its first test. This signals that we are in for new lows in the short term." Despite the correction, he stresses that this pullback offers opportunities for accumulation.
Analysts note that the current market downturn provides investors with accumulation opportunities, particularly for Ethereum and certain altcoins.
