## Why Cryptocurrency Market is Experiencing a Downturn Today
### Introduction
The cryptocurrency market witnessed a sudden surge on Sunday, propelling Bitcoin to $107,114 on Binance. However, this unexpected spike resulted in a 2.7% decrease in the overall market capitalization, which currently stands at $3.36 trillion. Consequently, other major cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), and XRP have seen declines of 4.7%, 0.9%, and 1.1%, respectively, over the past 24 hours. CoinGlass data reveals that approximately $651 million worth of positions were liquidated during this period, as Bitcoin’s price fluctuated between $107k and $102k.
### Reasons Behind the Recent Price Decline
#### Bitcoin’s Price Movement
From a technical standpoint, Bitcoin faced resistance after surpassing last week’s high of $105,663, leading to a substantial increase in selling pressure from sellers with resting orders. This downward momentum caused BTC to plummet by 4.23% from its recent peak of $107,114 to a temporary low of $102,579. Analysts had previously highlighted the possibility of Bitcoin retracing to the critical support zone between $100k and $99k.
### Conclusion
The market volatility experienced by Bitcoin, Ethereum, XRP, and Dogecoin today can be attributed to the sudden spike in Bitcoin’s price, triggering a chain reaction across the cryptocurrency landscape. As digital assets continue to exhibit erratic price movements, investors and traders should remain vigilant and adapt their strategies accordingly to navigate these turbulent waters.
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