Bitcoin has declined more than $3,000 from its recent peak after failing to hold above the $78,400 level. According to reports from crypto.news, the cryptocurrency slipped toward $75,000 following increased market pressure linked to geopolitical tensions in the Middle East. The asset had earlier climbed from below $70,500 to a 10-week high following brief optimism around reported diplomatic progress between the United States and Iran, but market sentiment shifted after conflicting reports on the Strait of Hormuz situation led to a rejection near the top range. As per CryptoPotato, Bitcoin's rejection at $78,400 continues to haunt the asset as it just dipped toward $75,000 following the latest tension escalation on the Middle East war front.
Bitcoin's market capitalization has eased toward $1.5 trillion, while its dominance over altcoins has risen to 57.5% following the price decline. As reported by crypto.news, the correction followed a strong rally earlier in the week when Bitcoin moved within a tight range between $73,200 and $75,500 before breaking higher, then reversing direction. The move represents a significant shift from the optimism that had driven the cryptocurrency to its recent peak, with analysts expecting continued price movement as traditional financial markets open and react to global events. According to CryptoPotato, BTC's market cap has slipped toward $1.5 trillion on CG, while its dominance over the alts is up to 57.5%.
Most altcoins recorded losses as Bitcoin declined, with Ethereum dropping toward $2,300 after a daily decline of 3.5%. According to crypto.news, XRP moved below the $1.43 level, while BNB fell back toward $620. Other tokens including SOL, ADA, DOGE, LINK, AVAX, and ZEC also showed declines, with market-wide selling reducing total crypto capitalization by around $100 billion since Friday, bringing the total to approximately $2.62 trillion as reported by CryptoPotato. The total crypto market cap has erased roughly $100 billion since the Friday high.
Several mid-cap tokens posted larger losses during the correction. As reported by crypto.news, AAVE dropped more than 20% to around $92 following reports linked to a KelpDAO hack, while the token M declined by about 18% to $3.50. Pi Network's PI token also recorded losses after rejection near $0.185, moving lower to around $0.175, reflecting a decline of more than 8% in the latest session. PUMP and WLD also remained under pressure during the same period. According to CryptoPotato, Pi Network's native token was rejected at $0.185 yesterday and now struggles below $0.175 after another substantial decline of over 8%, making it one of the biggest losers over the past 24 hours alongside M, AAVE, WLD, and PUMP.
Bitcoin is currently trading at $75,380, down 0.93% in the last 24 hours, according to latest market data. Technical analysis shows the cryptocurrency is 24 months into its post-halving cycle, placing it in the late-cycle phase where historical patterns suggest peak price levels followed by correction phases. The Crypto Fear & Greed Index stands at 27 (Fear), reflecting cautious market sentiment, while technical indicators show 11 buy signals and 4 sell signals based on 23 technical indicators. Key resistance levels are identified at $75,930 (initial resistance) and $90,113 (second resistance), with support levels at $73,165 and $68,900. The 14-day RSI is at 62.21, indicating neutral-to-bullish momentum conditions, while Bitcoin remains below its 200-day EMA at $83,004, approximately 9.2% below that level.
