fin.co.id - The crypto market is tumbling as the so-called Crypto Crash unfolds.
Bitcoin has slipped below the $110,000 mark, while altcoins are enduring sharp, double-digit declines.
What’s behind the sudden downturn, and what’s next for investors?
Bitcoin Rebounds and Dives: Market Sentiment Turns Sour
Bitcoin faced a flash crash triggered by a $2.7 billion sell-off from a whale dumping 24,000 BTC, sending prices plunging below $113,000 and briefly under $110,000.
Earlier this week, an attempted rebound failed to hold, pushing BTC back under the key $110K level.
Many leveraged long positions were liquidated during the move, adding to the downward momentum.
Altcoins Suffer Wider Losses
Ethereum led the altcoin rout, dropping around 8 percent as the market pullback intensified.
Other altcoins were broadly hit, with several among the top five losers recording double-digit drops.
Assets like Ethereum and XRP also reversed gains made after Federal Reserve Chair Jerome Powell’s dovish comments, signaling a quick shift from optimism to caution.
Macro Triggers and Market Dynamics
The market has shifted to a risk-off stance. The Crypto Fear and Greed Index returned to neutral, reflecting fading bullish confidence.
Analysts describe the move as profit-taking or a sell-of-rally, with traders cashing out short-term gains.
Others see the drop to $110K as potential consolidation that could lay the groundwork for future rallies.
What to Watch Next: Key Levels and Potential Scenarios
Technical charts indicate that Bitcoin’s key support lies near $110,756, with stronger zones around the 200-day moving average at $100,887.
A breakdown below those levels could escalate losses.
Data also shows that more than 20,000 BTC held by short-term investors have been sent to exchanges at a loss, a sign that could either precede further declines or reset conditions for a rebound.
