Bitcoin finds itself in a precarious position, teetering on the brink of a key support level. The leading cryptocurrency is struggling to hold onto the $115,000 mark after a tumultuous weekend that saw its value plummet by nearly $6,000. The sharp decline wiped out over $1 billion from leveraged long positions, leaving traders and investors on edge.
Bitcoin’s Bumpy Ride
Tuesday’s trading session in Asia saw Bitcoin hovering around $114,200, a price point that has traders talking. This level is significant as it falls short of the $115,000 to $118,000 range that has been a reliable support zone over the past weeks. The market’s jitteriness is underscored by external factors, including recent tariffs announced by Donald Trump and volatile ETF flows that have left investors wary. As explored in XRP Leads Market Gains, Bitcoin Nears $115K as Trump Tariffs Sour Bullish Crypto Mood, these tariffs have notably impacted market sentiment.
Nick Ruck, director at LVRG Research, offers a glimmer of hope, noting in a statement to CoinDesk, “Although Bitcoin has not managed to regain ground past $115,000, Ethereum has nearly recovered this week’s dip.” Ruck adds, “Treasury strategies, IPOs, and the hunt for the next MicroStrategy are fueling demand. We remain positive the bull run can continue.”
Altcoins: A Mixed Bag
While Bitcoin and Ethereum grapple with their challenges, the altcoin market presents a mixed narrative. Solana (SOL) has taken a hit, down nearly 20% from last week’s highs, and XRP is stagnating near $3 despite broader market stabilization. The buzz around an imminent “altseason” appears to be losing steam, with many traders opting to either consolidate their positions in major cryptocurrencies or step back entirely. This sentiment is further explored in Crypto Rally Stalls as Dogecoin Tanks and Bitcoin Tests Key Support: Analysis, highlighting the broader market’s struggle to maintain momentum.
This risk-off sentiment is partly attributed to Friday’s U.S. jobs report, which fell short of expectations, and renewed trade tensions emanating from Washington. Consequently, there’s a noticeable flight to safety in global markets, with cryptocurrencies caught in the turbulence. Last Friday also witnessed significant outflows from bitcoin and ether spot ETFs, dampening hopes for immediate institutional support.
The Road Ahead: Cautious Optimism
Despite the current turbulence, not all market players are sounding the alarm. QCP Capital remains cautiously optimistic, asserting that the recent downturn is more of a corrective phase than a capitulation. The firm pointed to increased activity in Bitcoin options markets—particularly 29AUG25 call flys targeting $124,000—as evidence of sophisticated investors positioning for a potential rebound.
QCP Capital’s note to clients suggests, “A move back above $115,000, combined with a rebound in ETF inflows and compressing implied volatility, could flip sentiment quickly.” However, they caution that until then, traders must keep a close eye on ETF flow data.
The coming weeks could prove pivotal. Should institutional demand stabilize and macroeconomic concerns ease, this period of consolidation might pave the way for a renewed surge toward new highs. Conversely, if outflows persist and risk appetite dwindles further, particularly in alternative assets, the market could be in for another round of de-risking before finding a firm footing.
As we navigate these uncertain waters, the cryptocurrency market remains a dynamic space—one where fortunes can change on a dime, and where today’s hurdles could become tomorrow’s opportunities.
Source
This article is based on: Bitcoin Struggles to Hold $115K; Solana, Dogecoin Show Relative Strength as Risk-Off Sentiment Lingers
Further Reading
Deepen your understanding with these related articles:
- DOGE, SOL and XRP Lead Altcoin Losses as Rate Jitters and Leverage Unwind Hit Crypto
- Bitcoin dips below $115K as Trump tariff order fails to comfort investors
- Bitcoin slides below $117.5K amid warnings further BTC price drops next
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
