Crypto Crash: Bitcoin Slips Below $110K as Altcoins Face Double-digit Losses

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.