Bitcoin’s $120K Rejection Triggers $100B Crypto Bloodbath: Weekend Market Carnage

Crypto markets got steamrolled after Bitcoin's failed assault on $120K—$100 billion evaporated faster than a meme coin rug pull.

Here's the damage report:

BTC's Bull Run Hits a Wall

The king crypto's rejection at $120K sent shockwaves through altcoins—because when Bitcoin sneezes, the whole market catches pneumonia.

Altcoin Massacre

Major alts followed BTC off the cliff in perfect lemming formation. Traders learned (again) that 'diversification' just means losing money in multiple assets simultaneously.

Silver lining? This flushout vaporized some leverage—the market's way of reminding degens that gravity still exists. Next resistance levels loom as the crypto casino resets for another spin.

Remember kids: in crypto, 'corrections' happen at terminal velocity—but so do rebounds. Just ask the bagholders from last cycle who are now 'long-term investors.'

BTC Stopped at $120K

Bitcoin had a spectacular start to the business week as its ascent that began last week culminated on Monday with a price surge to just over $123,000. Thus, the cryptocurrency set a new all-time high after adding over $15,000 in the span of about five days.

This ‘up only’ mode finally came to an end, and the asset went on an expected correction. It lost over seven grand in the following day or so, driven mainly by profit-taking and some uncertainty in the US after the worrying CPI data for June.

Nevertheless, the bulls didn’t allow a further breakdown, and BTC started to recover the lost ground. By the end of the week, it challenged $120,000 and even went for $121,000 on a few occasions, but to no avail. The subsequent rejections pushed it south hard, and BTC slipped to $117,000 yesterday.

It has recovered some ground and now trades around $118,000, but it’s still in the red on a daily scale. Its market cap has declined to $2.350 trillion, while its dominance over the alts is below 60%.

Alts Retrace

Many altcoins posted impressive gains on Friday, but the situation has flipped since then. XRP, which skyrocketed to a new all-time high of over $3.6, has lost almost all gains and is down to just over the previous peak of $3.4. ethereum was stopped at $3,700 and is now below $3,600.

SUI has dumped the most from the larger-cap alts, followed by HYPE, XLM, ADA, SOL, and LINK. Dogecoin and ETC are the two exceptions from this cohort of altcoins.

The total crypto market cap, which soared past $4 trillion yesterday, is down by $100 billion since the peak to $3.940 trillion now.