Market Turbulence Hits Crypto: Bitcoin and Alt Season in Flux

The cryptocurrency market is experiencing significant headwinds today, with the total crypto market cap declining to $3.46 trillion—a 3% pullback from its recent resistance level of $3.64 trillion. The selloff, catalyzed by volatility surrounding the launch of the Melania Trump token (MELANIA) and its impact on the TRUMP meme coin ecosystem, has unleashed broad selling across digital assets.

Total Market Cap Under Pressure

The broader market faces a critical juncture. Should the bearish momentum persist, the TOTAL index risks falling toward the $3.24 trillion support zone. Breaking below this level could open the door to further downside, with the next target zone sitting around $3.05 trillion.

Conversely, if buyer interest resurges and confidence returns, the market could reclaim the $3.64 trillion barrier and potentially test new all-time highs near $3.73 trillion. The near-term trajectory hinges on whether major players step in to defend key support levels.

Bitcoin Faces Selling Pressure Amid High Volume

Bitcoin is currently trading at $90.65K, reflecting a -0.46% adjustment over the past 24 hours. However, the real story lies beneath the surface: trading volume has exploded, surging over 80% during the period to reach approximately $774.71M. This combination—declining prices paired with intense volume—is a textbook signal of capitulation-style selling.

The move comes after BTC rallied to $106,422 just days ago. The subsequent FUD surrounding meme coin developments triggered a wave of profit-taking and panic exits. Traders are repositioning defensively, anticipating potential further correction.

Should bears maintain control, Bitcoin could test support near $94,523. If bulls successfully defend and buying resumes, BTC could attempt a return toward its all-time high of $126.08K, which represents the current historical peak.

Altcoins Bleed: WIF Leads Declines

Among altcoins, Solana-based WIF has been the day’s worst performer, dropping 3.95% in 24-hour trading and currently valued at $0.37. The momentum indicators tell a grim story: the Chaikin Money Flow (CMF) sits at -0.18, well into negative territory, signaling overwhelming selling pressure that outpaces buying activity.

When CMF turns negative, it indicates that sellers are aggressively pushing prices lower, with closing prices trending toward the day’s lows—a bearish indicator. Technically, if this selling pressure accelerates, WIF could decline further to $1.35 support.

The counter-scenario would require a reversal in sentiment. Should accumulation resume, WIF could rebound toward $1.83, invalidating the immediate bearish setup.

What’s Next for the Crypto Market?

Today’s downturn reflects a mix of technical profit-taking, event-driven FUD, and broader market consolidation. The question facing traders isn’t whether there will be recovery opportunities—the history of crypto markets suggests there will be—but rather how much further prices might retrace before reversal signals emerge.

Key levels remain in focus: for the overall market, the $3.24 trillion TOTAL support is critical; for Bitcoin, $94,523 marks a psychological floor; for WIF, $1.35 represents the next downside target. Until these levels are tested and hold, the near-term bias remains toward caution.