#BTC The crypto market is facing renewed selling pressure today, with Bitcoin, Ethereum, and XRP all trading in the red as risk sentiment weakens across major assets.
The total crypto market cap has fallen to roughly $2.97 trillion, marking a decline of about 2.4% over the last 24 hours. Investor confidence has also cooled, with the Fear and Greed Index sliding to 38, signaling growing caution among traders.
Bitcoin Weakness Is Setting the Tone
Bitcoin is leading the downturn, dropping around 2.4% and slipping below the $90,000 psychological level. As the market’s dominant asset, BTC often dictates broader price action—and today is no exception.
Market observers point to increasing pressure from traditional financial markets. Expectations around interest rates are shifting, while capital is temporarily rotating toward safer assets like gold. Once Bitcoin failed to defend support near $87,600, selling momentum accelerated.
Liquidations Accelerated the Sell-Off
The decline was intensified by a surge in leveraged liquidations. Many traders were positioned with high leverage, and as prices began to fall, forced liquidations added fuel to the move lower.
On-chain and derivatives data show a noticeable spike in long position liquidations, a common pattern during sharp pullbacks. This chain reaction pushed prices down faster than spot selling alone would suggest.
Altcoins Follow Bitcoin Lower
As BTC weakened, major altcoins followed suit. Ethereum dropped over 3%, while XRP fell close to 3%. Other large-cap assets such as Solana and Dogecoin also posted notable losses.
Overall, the market has shifted into a risk-off mode, with traders choosing to wait on the sidelines until a clearer trend emerges.
What Traders Are Watching Next
Short-term attention is now focused on Bitcoin’s $87,500 support zone. A confirmed break below this level could trigger a deeper retracement toward $85,000. On the flip side, reclaiming $90,000 would help restore confidence and slow selling pressure.
For now, Bitcoin’s next move remains the key driver—and it will likely determine the near-term direction for Ethereum, XRP, and the wider crypto market.
#btc #bitcoin #CryptoNews #blockchain