Crypto Market Dips as Bitcoin Stalls Near $105K and Altcoins Show Mixed Signals
The cryptocurrency market saw a pause in its recent bullish momentum today, with total market capitalization dipping by $43 billion to $3.28 trillion. This cooling phase comes after a strong rally in recent days, raising questions about the durability of the current uptrend.
Market Momentum Slows Despite Bitcoin’s Break Above $105K
Bitcoin (BTC), the market leader, briefly touched an intraday high of $105,086 — its highest level in three months — before retreating slightly to around $103,922. While the move suggested fresh investor interest, BTC faces firm resistance at the $105,000 mark.
Analysts suggest that if Bitcoin fails to solidify this price level as a new support, it could retrace to $100,000. However, a successful breakout above $106,265 could reignite bullish sentiment and drive the asset closer to its all-time high of $109,588, invalidating short-term bearish expectations.
Arbitrum Leads Altcoin Losses as Sentiment Wavers
Among major altcoins, Arbitrum (ARB) stood out for the wrong reasons. It led the day’s losses with a 6% decline, currently trading at $0.455 after failing to hold the $0.500 support. Should the downtrend continue, ARB may test the lower support at $0.427, which could further pressure the token.
Nonetheless, if ARB can reclaim the $0.473 resistance and convert it into support, it may signal a reversal and open the door to a rally toward $0.510.
Security Incidents Spark Caution
The day’s cautious tone was amplified by two security-related incidents in the ecosystem. Ethereum staking platform Lido confirmed that its protocol remains secure following a minor oracle breach, where 1.46 ETH was stolen. The issue triggered a swift response from the DAO to rotate the affected oracle operator, Chorus One, which deemed the event isolated.
Separately, Ledger resolved a Discord server compromise caused by a hijacked moderator account. The attacker posted scam links and temporarily disrupted user reporting, but Ledger has since restored control and secured the channel.
A Critical Juncture for Crypto Markets
The broader market now stands at a critical support level of $3.28 trillion. A break below this threshold could prompt a decline toward $3.16 trillion, increasing investor anxiety and possibly triggering a wider correction. Conversely, holding the line could restore confidence and push total market cap back toward $3.40 trillion, sustaining bullish sentiment.