itcoin">Bitcoin faced another rejection at the crucial $120,000 resistance level, falling nearly $4,000 before staging a partial recovery to around $118,000. The world’s largest cryptocurrency has been struggling to regain momentum since reaching its latest all-time high above $123,000 last Monday, entering a consolidation phase that has shifted market attention toward alternative cryptocurrencies. Multiple attempts to breach the $120,000 barrier have been unsuccessful, with each rejection met by buying pressure that has maintained itcoin">Bitcoin’s trading range around $118,000.
While most major altcoins retreated following Monday’s significant gains, Pi Network’s native token emerged as a notable exception, climbing over 6% to reach $0.477. This performance stood in stark contrast to the broader altcoin market, where Ethereum dropped 4.5% from its multi-month peak near $3,800 to below $3,700, and XRP fell to $3.45 after approaching new all-time highs. Other established cryptocurrencies including ADA, DOGE, TRX, SUI, and AVAX experienced similar declines as profit-taking dominated market sentiment.
The altcoin correction proved particularly severe for tokens that had posted substantial gains recently, with HYPE, XLM, HBAR, LTC, LINK, and AAVE leading the daily losses. Solana provided another bright spot by touching $200, while KAS also managed to stay in positive territory alongside Pi Network’s strong performance. The market-wide selloff resulted in approximately $60 billion being wiped from the total cryptocurrency market capitalization, pushing it well below the $4 trillion threshold and highlighting the volatile nature of digital asset trading during consolidation periods.
