The crypto market saw a decline on May 17, with altcoins like Pi Network, Bonk, Floki, and Pudgy Penguins dropping over 10%. Bitcoin's failure to surpass $105,000 resistance affected the market. Profit-taking and market risks contributed to the downturn. However, signs suggest a potential rebound, especially if Bitcoin hits $109,300, indicating a positive trend for both Bitcoin and altcoins.