The cryptocurrency market is experiencing a significant correction phase, with a total market capitalization decreasing by $111 billion in just 24 hours. Bitcoin is maintaining relative stability above the $110,000 psychological threshold, while altcoins are facing increased selling pressure. This downward trend occurs amidst widespread profit-taking and persistent macroeconomic uncertainty.
BTC is currently trading around $112,345, demonstrating remarkable resilience in the face of the broader market correction. This relative stability provides an encouraging signal for the market, as Bitcoin traditionally serves as a barometer for the entire crypto sector. Maintaining levels above $110,000 represents an important technical victory for the bulls.
Selling pressure primarily comes from short-term holders capitalizing on recent gains. This category of investors, known for their sensitivity to price variations, generates increased volatility but doesn’t necessarily challenge the underlying trend. Long-term holders, meanwhile, continue to accumulate, absorbing a portion of the available supply in the market.
To regain convincing bullish momentum, Bitcoin needs to recapture and consolidate the $115,000 level as solid support. This breakthrough would pave the way toward $117,261 and could trigger a broader rally. Technical indicators show that the RSI remains in neutral territory, suggesting that a decisive move in either direction remains possible in the short term.
Indeed, $211 million worth of positions to liquidate are situated at $111,500 to the south and $113,800 to the north. The coming hours could therefore see BTC oscillate toward these two levels.
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The total crypto market capitalization now stands at $3.78 trillion, marking a sharp decline that reflects a dominant bearish sentiment. Short-term holders are intensifying their profit-taking, creating selling pressure that spreads throughout the ecosystem. This movement is not isolated: it forms part of a broader risk-aversion dynamic that particularly affects digital assets.
The critical support level currently sits at $3.73 trillion. If this zone gives way under pressure, the market could quickly slide toward $3.67 trillion. This technical configuration concerns investors, especially as transaction volume remains relatively low, signaling a lack of conviction among buyers.
Analysts are closely monitoring market sentiment evolution. A bullish reversal would require reclaiming the $3.81 trillion level as new support. In this scenario, the global valuation could target $3.89 trillion, or even $3.94 trillion, thereby restoring confidence among institutional and retail investors.
Among the most impacted altcoins, MYX Finance shows a decline of 12.6% over the last 24 hours, currently trading at $3.27. This correction is part of a more general sector rotation that particularly penalizes mid-cap DeFi tokens. Despite this negative performance, technical analysis reveals that MYX maintains a relatively healthy structure.
The major support at $2.64 remains well-anchored, and the probability of a bearish breakdown below this level remains low in the immediate future. This zone has historically attracted buyers and should continue to play this safety net role. If market conditions deteriorate further, a consolidation phase between $2.64 and $3.27 seems the most likely scenario.
The critical resistance for MYX is located at the POC of $5.5. A turnaround above the $4 threshold with convincing volumes would invalidate the current bearish outlook. This psychological level would represent a gain of more than 20% from current prices and would signal a return of risk appetite in this market segment.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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