Bitcoin’s bullish momentum hit a wall at $86,500, where heavy selling pressure forced a sharp correction. The leading cryptocurrency fell over $3,000 shortly after testing that key resistance level, dropping to $83,000 before recovering slightly to trade around $84,000. Despite the setback, Bitcoin’s dominance continues to rise, now sitting at 61%, even as the broader crypto market turns red.
Bitcoin Rejected at $86K
After a volatile previous week that saw Bitcoin plunge below $75,000 and rebound back above $83,000, bulls attempted to push the price higher over the weekend. On Monday, BTC made a run at the $86K mark, briefly touching $86,500 — a two-week high. However, that rally was quickly reversed as the asset faced intense resistance and fell back toward the $83,000 level.
Bitcoin has since stabilized, holding above $84,000, though it remains down over 2% on the day. Its market capitalization has dipped to around $1.66 trillion, according to CoinGecko, but its growing dominance underscores investor confidence amid market turbulence.
Altcoins Turn Red Again
Altcoins, which had shown signs of recovery in recent days, are once again under pressure. SOL, ADA, AVAX, SUI, and HBAR are leading the losses among large-cap assets, each falling over 5% in the past 24 hours. Ethereum has dropped below the $1,600 level after slipping 4%, while XRP is down 4.6%, now trading under $2.10.
Pi Network Price Falls 16%
One of the steepest drops in the market comes from Pi Network (PI). The token has plummeted by 16%, now trading slightly above $0.60. This follows a double-digit crash within a single hour the previous day, adding to growing volatility and uncertainty around the project.
A Glimmer of Green: OM Surges
Amid the sea of red, OM stands out with a dramatic 25% daily gain, rebounding strongly after its recent correction. It’s the only major asset bucking the trend in today’s session.
Total Market Cap Drops by $70B
The total cryptocurrency market capitalization has declined by approximately $70 billion, now sitting at $2.73 trillion. With Bitcoin holding key levels and altcoins slipping, all eyes are on whether BTC can retest the $86K resistance — or if the correction deepens further.
