Bitcoin Plunges: Is the Pain Not Over?
On Tuesday, Bitcoin fell back below the psychological threshold of $105,000, a level that had served as solid support in recent days. This technical breakdown triggered a cascade of liquidations on leveraged positions, amplifying selling pressure across the entire crypto market.
Altcoins were not spared from this widespread correction. Internet Computer (ICP) was among the hardest hit with a bitcoin decline, illustrating the heightened volatility that characterizes mid-cap assets during periods of uncertainty. The risk-off sentiment clearly dominates order books, with traders preferring to secure their gains rather than maintain their exposure.
Macroeconomic factors are largely contributing to this weakness. The consolidation of traditional financial markets directly impacts crypto assets, historically correlated with US tech indices. Risk appetite is gradually diminishing as institutional investors adopt a more defensive stance.
Bitcoin Under Pressure: Short-Term Technical Analysis
BTC is currently trading around $103,220, marking a significant decline from its recent highs. The technical structure suggests that the next critical support level sits at $101,477, a zone that had previously attracted aggressive buyers during consolidation phases. This support must absolutely hold, otherwise a drop below $100,000 is highly probable.
The loss of the $105,000 threshold represents more than just a price movement: it temporarily invalidates the very short-term bullish scenario. Trading volumes remain moderate, however, which could indicate limited capitulation rather than genuine selling panic. Momentum indicators show bearish divergences, suggesting the correction could extend before finding equilibrium.
For the trend to reverse, Bitcoin will need to reclaim and maintain $105,000 as support. Such a reversal would open the path toward the next resistance at $108,000-$109,000, allowing bulls to regain confidence. Meanwhile, caution remains warranted with a neutral to slightly bearish bias as long as price trades below this key technical zone.
Altcoins in Turmoil: Focus on Internet Computer Crypto
Internet Computer perfectly illustrates the bearish outperformance of altcoins during periods of market stress. With a drop of over 10% in one session, ICP nevertheless maintains itself above the support at $5.94, showing some resilience against widespread selling pressure.
Should this level give way, the next zone of interest would be around $4.67, representing an additional decline of nearly 20% from current levels. Long-term holders are closely watching these price zones, aware that altcoin volatility can generate interesting accumulation opportunities for those with longer investment horizons.
Conversely, a technical bounce from current support could propel ICP toward the resistance at $7.61. Short-term bullish divergences are promising and the support at $5.9 corresponds to a major demand zone. ICP could therefore surge to $9.7 in the coming days if BTC has finished its correction.
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