Bitcoin News Today: Bitcoin nears $113,444 as altcoins correct 11.25% in market value

The cryptocurrency market is at a pivotal moment as Bitcoin struggles to break past $115,700 resistance, while altcoins show signs of correction after a 60% rally. The altcoin market cap has declined to $1.44 trillion, down from a peak of $1.6 trillion in July, indicating a cooling-off period and potential exhaustion following months of bullish momentum [1]. Analysts have noted that the correction could be part of a normal market cycle, but key support levels must hold to prevent further declines [2].

Bitcoin, currently trading near $113,444, remains under pressure. Failure to push above $119,000 could trigger a breakdown below $100,000, according to crypto analyst CryptoPatel [2]. The price has been range-bound since early August, with critical support levels sitting at $107,805 and $99,479. Trading volumes remain moderate, suggesting traders are waiting for clearer signals before committing to large positions [1]. The bearish bias is reinforced by the inability to reclaim previous highs near $122,000, signaling a possible continuation of downward pressure.

Altcoin momentum has also slowed, with the market showing signs of consolidation. Daily candlestick patterns reflect a tug-of-war between bulls and bears, and a downward trendline highlights a shift from bullish to neutral sentiment [1]. The correction may offer buying opportunities if key levels are maintained, but further downside is a distinct possibility if support fails. Retail investor enthusiasm, which fueled the earlier rally, appears to be fading, adding to the uncertainty.

Market observers are closely watching both segments for decisive moves. If Bitcoin fails to break above $115,700, it could lead to broader market weakness, while a rebound in altcoins could reinvigorate investor confidence. The situation remains high-stakes, with both Bitcoin and altcoins hovering near critical technical levels. Analysts warn that the next few trading sessions will likely determine the near-term trajectory of the market.

[1] Source: https://en.coinotag.com/bitcoin-faces-critical-resistance-as-altcoin-market-shows-signs-of-exhaustion-and-traders-anticipate-potential-volatility/