The cryptocurrency market has lost over 3.2% in the past 24 hours, with Bitcoin's price dropping below $114,000 and altcoins like ADA, DOGE, and SOL experiencing double-digit losses over the week.

Cryptocurrency Market Overview: Red Dominates

The total cryptocurrency market capitalization has dropped over 3.2% in the past 24 hours, now at $3.65 trillion. This decline marks a strong continuation of the bearish trend that began at the end of July. Virtually every major altcoin is sinking in the red, with Bitcoin ($BTC) and Ethereum ($ETH) dragging the market down, and some altcoins also following with deeper declines.

Analysis of Total Cryptocurrency Market Capitalization

  • The market capitalization failed to hold the $3.72 trillion support level, which has now turned into a resistance level.

  • The 21 EMA is sloping downwards, indicating that bearish pressure continues.

  • The RSI index is in the deep oversold region at 27.18, indicating a potential recovery but also confirming the current weakness.

  • The surge in trading volume and strong sell-off wave indicate an institutional exodus.

Outlook: If the $3.65 trillion threshold continues to break, the next important support level will be around $3.54 trillion. A bullish recovery will only begin when the $3.72 trillion threshold is regained and held.

Bitcoin Chart Analysis: $113,000 And Falling?

The 4-hour chart of Bitcoin also paints a similarly pessimistic picture:

  • The price was rejected at $118.6 thousand, a key resistance area marked by a horizontal orange line.

  • The price has broken below the short-term support level of $116,000 and is now acting as a resistance level.

  • The 9 and 21 MA lines are crossing downward, with the 9 MA sharply sloping below the 21 MA.

  • The RSI at 29.20 confirms the oversold condition, but no reversal signals have appeared.

Outlook: If BTC does not regain the $116,000 mark soon, the next support level will be around $111,000–$112,000. Only a strong close above $118,600 could reset the bullish momentum.

Top 10 Performing Cryptocurrencies (Excluding Stablecoins)

From the latest data, here is the performance of the top 10 non-stablecoin cryptocurrencies:

Key Observations:

  • Bitcoin is holding up better than other cryptocurrencies but is still in a bearish trend technically.

  • Ethereum continues to underperform against BTC, showing a sharper decline for the day.

  • XRP, ADA, and DOGE are among the worst-performing coins of the week, each down more than 10%.

  • Solana is declining after the ETF frenzy has calmed down, now at -6.64% for the week.

  • TRON (TRX) stands out as the only green token in the past 7 days (+4.00%), possibly due to recent news about the ecosystem or regulations.

What's Next?

The market is clearly in a risk-averse state. Bitcoin needs to regain the $116,000–$118,000 level to reverse sentiment. The RSI of major assets is in the oversold region, so a technical rebound may occur — but the trend remains bearish. Altcoins are more vulnerable, especially high-volatility altcoins like ADA and DOGE.