Quick overview

Live BTC/USD Chart

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Bitcoin rebounded above $101K after dropping below $98.5K on Sunday. Its market dominance is currently at 65%, while popular altcoins struggle. BTC fell to a multi-week low after the U.S. attacked several Iranian nuclear sites, marking yet another decline in the last day.

Bitcoin’s increasing dominance underscores that altcoins have experienced even more significant price drops. As tensions in the Middle East escalated, Ethereum (ETH), Ripple (XRP), Solana, Dogecoin, and Cardano posted high corrections.

Bitcoin is at its crucial support level, approximately $101,500; a close below this level would indicate further correction. Meanwhile, ETH and XRP have fallen below important support levels, suggesting that a correction and weakness could drive ETH toward $2,000 and XRP toward $1.8.

The crypto market’s latest price action suggests that altcoins are faring even worse. Notably, the smaller caps aren’t the only ones suffering; Ethereum, the most valuable altcoin, dipped further after dropping more than 7% in the last day.

Market activity shows that Bitcoin is still correcting and closing below $100,000 daily; it may continue to decline and retest its Sunday low of $98,200. The daily chart’s Relative Strength Index (RSI), at 38, indicates strong bearish momentum as it sits below the neutral level.

Moreover, the Moving Average Convergence Divergence (MACD) on the daily chart displayed a bearish crossover and a rising red histogram bar below its neutral level, pointing to the downtrend continuation and high bearish strength.