The crypto world is in turmoil again. Over the past 24 hours, the total market value dropped by 3.4%. It’s not just numbers on a screen—it’s a sentiment shift that’s making traders uneasy. With Bitcoin struggling near $100K and smaller tokens like Floki taking massive hits, people are asking: Is a crypto crash incoming?
Bitcoin Battles to Stay Above $100K
Bitcoin didn’t have a great day. It dipped below $100K briefly, hitting $98,695, before clawing back to $101,767. But things aren’t stable yet. Strong support at $100,124 might hold the line for now. If it doesn’t, the next stop could be around $97,794, where the MA 200 line provides some backup.
Some analysts believe Bitcoin could rally back to $108,364, especially with the holiday season potentially boosting trading. But there’s caution in the air. The balance of power indicator is at 0.34, leaning towards the bears.
Jerome Powell didn’t help either. The Federal Reserve Chair recently mentioned he has no plans to hold Bitcoin, adding to the uncertainty. It’s a sentiment game, and right now, the sentiment isn’t great.
Floki’s Steep Fall
Floki fans are hurting. The crypto coin dropped a massive 13.95% in just one day, now trading at $0.0001878. And it’s not just a one-day problem. Since December 9, Floki’s value has tumbled by 34%.
The RSI (Relative Strength Index) is sitting at a concerning 23.03, which means it’s deep in oversold territory. Some might see this as a chance for a rebound, but it’s not guaranteed. If the downtrend continues, Floki could slide further to $0.00014. Optimists are looking at $0.0002066 as the next resistance level, but it’s going to be a tough climb.
Ethereum: Signs of Life in the Chaos
Ethereum hasn’t escaped the downturn either, with a 5.08% drop in the last 24 hours. But here’s the interesting part: trading volume for ETH surged by 40%. That’s a lot of activity for a day like this.
Some experts think Ethereum could break past $4,000 soon, maybe even challenge its all-time high. But for now, it’s caught in the same turbulence as the rest of the market.
What to Expect
The crypto market is no stranger to volatility, but even by its standards, this is a tough period but definitely not a crypto crash. Bitcoin’s fight to stay above $100K is crucial. Floki’s free fall shows how quickly things can change, while Ethereum’s trading activity hints at underlying investor interest.
Jerome Powell’s comments and the Fed’s rate cut have clearly shaken confidence. Still, crypto has always been unpredictable. Whether this is just a pause before a rebound or the start of a longer downturn depends on how investors respond in the coming days.
