Crypto Market Tumbles 2.07% to $2.85 Trillion Amid Bitcoin Slump

The cryptocurrency market has taken a hit today, declining by 2.07% to $2.85 trillion.

This drop is largely attributed to Bitcoin's failure to hold onto its resistance level of $87,000, causing it to fall below $82,700 and resulting in around $70 million in long liquidations.

As a result, major altcoins have seen significant profit-taking, with layer 1 tokens falling by 2.21% and the Binance ecosystem declining by 2.02%.

The market is now closely watching the $2.85 trillion support level, with some predicting that a break could expose the $2.8 trillion area.