Key takeaways
Crypto markets turned red over the last 24 hours, with Bitcoin and major altcoins sliding after the Trump-Putin summit and a new threat against Dogecoin. Momentum has been fading and more downside may lie ahead.
Bitcoin [BTC], major altcoins, and the total market cap all turned red over the past 24 hours.
Why? Well, analysts believe Bitcoin’s price rally may be nearing a point of exhaustion. That’s not all though as it’s worth taking into account Qubic’s latest threat against Dogecoin too.
Market cools down after geopolitical jolt
The crypto market took a sharp hit following the Trump-Putin summit in Alaska.
Source: TradingView
In fact, TOTAL dropped by nearly 2% to $3.86 trillion. In doing so, it erased much of the previous week’s gains on the charts.
Source: TradingView
Bitcoin wasn’t spared either, with the crypto down 1.54% at press time to hit $115,676. Its RSI dipped below neutral and the MACD showed early bearish signs. Such a drop is usually a sign of broader uncertainty among investors.
While not a major crash, this pullback might be indicative of a pause in momentum and rising caution across the board.
Altcoins buckle under pressure
The crypto-market’s altcoins mirrored Bitcoin’s decline on the charts, with most major tokens slipping sharply in the last 24 hours.
Source: TradingView
Solana [SOL] led the fall, down 5.64%, followed by Cardano [ADA] and XRP, with the same dropping by over 5% and 4% respectively. Dogecoin [DOGE] and Binance Coin [BNB] weren’t spared either, falling by 4.13% and 3.04%. Ethereum [ETH], for its part, showed relative resilience, declining by just 0.28%. However, its overall sentiment was weak at press time.
As it stands, the altcoin market appears to be in risk-off mode, with the bulls keeping their distance.
Fear and frenzy rule the market
Source: https://ambcrypto.com/mixed-bitcoin-sentiment-qubic-targets-dogecoin-and-more-heres-why-crypto-is-dropping/