Crypto Market Sees Major Losses as Bitcoin Drops Below $107,000
The crypto market experienced declines over the weekend, with key cryptocurrencies like Dogecoin, Cardano’s ADA, and XRP dropping over 7% due to profit-taking.
- Bitcoin fell from a high of $111,200 to just above $107,000 on Friday amid tariff war concerns with the EU.
- The overall market cap decreased by 5%, and the CoinDesk 20 index dropped by 2.2% as traders sought to secure gains.
- Despite recent highs for Bitcoin, altcoins struggled to maintain momentum in the short term.
- Market sentiment has reached levels not seen since January, coinciding with critical resistance zones for BTC and ETH.
- Ethereum is facing difficulty breaking its 200-day moving average around $2,650.
- Analysts caution that without a new support zone for Bitcoin, altcoin losses may worsen.
- The weekend's pullback highlights the volatility and fragility of the current market rally.