Is the Crypto Market at Risk of Further Losses After BTC Slips Below $115K?

The cryptocurrency market faced heavy losses in the past 24 hours, with the total market capitalization dropping by $77 billion to $3.91 trillion. Bitcoin (BTC) slipped below the key $115,000 support level, trading at $114,363, while altcoins mirrored the decline. SPX6900 (SPX) emerged as the biggest loser, tumbling 12.6% to $1.09.

Bitcoin’s breach of $115,000 highlights mounting bearish pressure. If momentum persists, BTC could fall toward the $112,500 support zone, potentially driving more holders into losses and fueling further sell-offs. However, reclaiming $115,000 as support could spark a rebound toward $116,096, which would be essential to stabilize sentiment and limit downside risks.

The broader market reflects similar caution. A decisive break below $3.89 trillion in total crypto market cap could open the door to deeper declines. On the other hand, a successful bounce may push recovery toward $3.94 trillion, with $4.00 trillion standing as a critical threshold for bulls.

Altcoins struggled alongside Bitcoin, with SPX hitting a two-week low amid intensified selling pressure. If it loses the $1.08 support, the token could test $0.98 and even risk slipping below $1.00. Such a move would further erode investor confidence in speculative assets. A rebound, however, could allow SPX to target resistance at $1.16, potentially reversing the bearish outlook.

In corporate news, Metaplanet expanded its Bitcoin holdings with a $633 million purchase of 5,419 BTC, bringing its total reserves to 25,555 BTC. Meanwhile, Crypto.com denied covering up a 2023 data breach, clarifying it was a contained phishing incident that compromised limited user data but no funds.