Bitcoin’s price ascent was stopped once again at $104,000 yesterday and the asset is down by over two grand since then, going toward a key support line.

The altcoins have turned red, with massive price drops from the likes of XRP, SOL, DOGE, ADA, SUI, AVAX, and many others.

The primary cryptocurrency surged in an impressive manner last week when reports emerged that the US and China will meet over the weekend to discuss a trade deal. This led to a massive price pump that saw BTC reclaim the coveted $100,000 last Thursday and kept climbing to $104,000 during the weekend.

When both economic giants announced a tariff pause for 90 days on Monday, bitcoin jumped to a new multi-month peak of almost $106,000. However, it couldn’t breach that level and dumped below $101,000 almost immediately.

The bulls managed to intervene and kept the asset within a six-digit territory. Moreover, BTC jumped to $105,000, where it faced another rejection. As of now, the cryptocurrency struggles to remain above $102,000 after a 2% daily decline, even though the overall landscape remains bullish.

According to Ali Martinez, BTC is on its way down toward a key resistance level of $101,600. A breakdown below that level could result in dumping back into five-digit price territory.

Key support for #Bitcoin $BTC right now is at $101,600! pic.twitter.com/4cOpEJAPuA

— Ali (@ali_charts) May 15, 2025

Its market capitalization has declined to $2.020 trillion on CG, while its dominance over the alts has increased slightly to 59.6%.

The altcoin space has bled out heavily on a daily scale. Ethereum was stopped above $2,700 and has plunged to $2,530 after a 3.2% daily drop. XRP, SOL, DOGE, ADA, SUI, LINK, and XLM have marked even more significant price declines of up to 7-8%, while AVAX has plunged by almost 9%.

Nevertheless, PI leads the adverse trend with a spectacular 27% nosedive after the recent ecosystem announcement.

The total crypto market cap has shed around $100 billion daily and is down to $3.4 trillion on CG.