BTC dips to $115k as total crypto market cap drops below $4 trillion

TL;DR

• BTC is trading below $116k after losing over 2% of its value during the weekend.
• Altcoins are also in the red, as Ether has dropped below $4,300 after rallying above $4,700 last week.

Total Crypto Market Cap Drops Below $4 Trillion

The cryptocurrency market was bearish over the weekend, with major cryptocurrencies losing more than 2% of their value during that period. The total cryptocurrency market cap dropped below $4 trillion as BTC’s price declined to the $115k region.

At press time, Bitcoin is trading at $115,255, down 2.37% over the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has dropped to the $4,200 region after failing to create a new all-time high last week.

Solana’s SOL is the worst performer among the top 10 cryptocurrencies by market cap, down nearly 6% and now risks dropping below $180. Market analysts warned of a deeper pullback as buying pressure declines.

Lark Davis predicts that if bitcoin continues to slide, the most likely landing zone is $108,000–$112,000. He added that this level also lines up with the 0.5 & 0.618 Fibonacci, and the weekly EMA 20 moving up. The analyst isn’t predicting collapse but a healthy reset. His analysis suggests that if bitcoin dips, buyers could step in around that band and fuel the next leg higher.

Meanwhile, analyst Michaël van de Poppe believes that Bitcoin was rejected at a key resistance level near its recent highs. For this reason, he expects the market to consolidate in the near term rather than trend, with bitcoin moving sideways between a floor and a ceiling while leverage resets.

Regardless, the market is currently in the red and could face further selling pressure if buyers don’t step in.