The crypto market is under pressure today, with Bitcoin, Ethereum, and XRP all trading lower as selling activity picks up across major tokens.
The total crypto market cap has slipped to around $2.97 trillion, down about 2.4% in the past 24 hours. Market sentiment has also weakened, with the Fear and Greed Index falling to 38, a dangerous level.
The main reason for today’s decline is weakness in Bitcoin, which has dropped roughly 2.4% and is trading below the $90,000 level. When Bitcoin loses momentum, it often pulls the rest of the crypto market down with it.
Analysts say Bitcoin is reacting to broader financial market pressure, including shifting interest-rate expectations and money moving into traditional safe assets like gold. As Bitcoin struggled to hold support near $87,600, selling pressure increased.
Another factor behind the decline is a wave of liquidations. Many traders were using high leverage, and when prices started falling, forced liquidations accelerated the sell-off.
Data shows a sharp rise in long liquidations over the past day, which amplified losses across the market. This type of move is common when prices fall quickly and leveraged positions unwind.
As Bitcoin weakened, major altcoins followed. Ethereum fell more than 3%, while XRP dropped close to 3%. Other large-cap tokens like Solana and Dogecoin also posted losses.
The broader market is now showing a “risk-off” tone, with traders waiting for clearer direction before stepping back in.
In the near term, analysts are watching whether Bitcoin can hold support around $87,500. A break below that level could open the door for a deeper pullback toward $85,000. On the upside, a move back above $90,000 would help stabilize sentiment and reduce selling pressure.
For now, the crypto market remains in a cautious phase, with Bitcoin’s next move likely to decide the direction for XRP, Ethereum, and the rest of the market.
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