The crypto market is showing signs of correction today as major coins dip, Bitcoin struggles below $89K, and XRP faces a strong sell wall. Here’s what every investor needs to know.
📉 Market Overview: Crypto Dips After Short-Term Gains
The global crypto market cap has dropped by 1.7% in the past 24 hours, currently standing at $3.06 trillion. According to CryptoNews, 90 of the top 100 cryptocurrencies are down, with total daily trading volume at $124 billion. This comes after a brief rally, signaling a continued correction phase.
💰 Bitcoin (BTC): Price Fails to Hold $100K
Bitcoin is down 0.80%, now trading just under $89,000 (source). Analysts suggest the failed breakout above the crucial $100K resistance has triggered short-term profit-taking. As a result, BTC is entering a period of consolidation and stabilization, according to BeInCrypto.
Key Level to Watch: If BTC can reclaim the $90K-$93K zone, it may attempt another run at the $100K mark in February. Until then, expect ranging behavior.
🚧 XRP: Stuck Below $2 Due to Massive Sell Wall
XRP continues to hit a ceiling near $2, failing to maintain upward momentum. A 1.86 billion token sell wall has been identified as a major resistance point, explaining the repeated rejections at this key level (BeInCrypto).
Unless major buying pressure breaks this wall, XRP could remain range-bound between $1.70 and $2.00.
📊 Cardano (ADA): February Setup Looks Promising Despite Weak History
Cardano (ADA) is closing January with a 5.48% gain, aligning with historical trends. However, momentum into February appears to be fading, creating uncertainty for ADA bulls (BeInCrypto).
Technical Signal: ADA is showing a potential 90% breakout setup if it can hold above key support levels. Traders should monitor volume and RSI for confirmation.
📌 Actionable Takeaways
- Bitcoin: Watch for a bounce above $90K to signal renewed bullish momentum.
- XRP: Avoid chasing rallies near $2 until the sell wall is broken.
- ADA: February could bring a major breakout if it maintains current support levels.
💼 Market Sentiment & Sector Trends
The correction is affecting most major sectors, including DeFi and Layer-1 platforms. Market sentiment remains cautious as traders reassess risk ahead of February. SoSoValue data confirms widespread losses across blockchain categories.
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🔮 What to Expect in February?
With Bitcoin stabilizing and Cardano eyeing a potential breakout, February could be a pivotal month. However, macroeconomic factors and on-chain metrics will play a crucial role in guiding price action across the board.
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