The crypto market is under heavy selling pressure, shedding 3.42% in the past 24 hours and slipping below key support levels.
Total market capitalization has broken under $3.65 trillion, while Bitcoin fell through the $115K mark — a move that triggered $828 million in liquidations, with $753 million coming from long positions.
Weak U.S. jobs data showing just 73K new hires, paired with Trump’s fresh tariff threats on Chinese goods, has rattled risk sentiment. Crypto-related equities deepened the pain — Coinbase dropped 8%, while major miners fell up to 16%.
Technical charts point to potential further declines. For Bitcoin, a failure to hold $113,900 could open the door to $110K and even $108K. For the total market cap, a deeper slide toward $3.58 trillion is possible if buyers don’t reclaim $3.73 trillion quickly.
With spot Bitcoin ETFs seeing $133M in outflows and leverage still elevated, the market remains vulnerable. The next major tests come with the Fed’s August 7 comments and August 12 CPI data — both could decide whether this correction stops here or accelerates.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/how-low-can-the-crypto-market-crash-after-breaking-support/