The Crypto Market Has Lost 3% but Has Not Broken Through Support

Bitcoin Struggles, Ethereum Faces Key Test

The crypto market has lost approximately 3% of its market capitalization, falling back to $2.29T and returning to the lower boundary of the trading range seen over the last seven days. Trump’s latest comments on the war with Iran triggered a sharp sell-off amid a lack of de-escalation signs. TRON (−0.2%), Toncoin (−0.9%) and Neo (−1.3%) appear relatively stable. Dash (−8.6%), Uniswap (−8.0%) and Solana (−5.9%) have been hit hardest.

The Fear and Greed Index rose by 4 points today to 12, partially recovering from yesterday’s drop to 8 — the lowest level in recent weeks. Nevertheless, the index remains deep in the extreme fear zone, where it has been virtually uninterrupted for the past month.

Bitcoin lost 2.8% over the day, returning to levels near $66.2K. Once again, the 50-day moving average acted as resistance, preventing the price from consolidating above it. The leading cryptocurrency quickly swung to the other extreme and is now testing the support of the uptrend. Key support ($66K) and resistance ($69K) levels are converging, bringing the moment of a definitive trend decision closer.

Ethereum looks slightly more confident, remaining above the $2K round figure, above the 50-day MA and the support line of the multi-year trend. Should pressure on the crypto market intensify, it will be worth monitoring whether the second-largest cryptocurrency can hold above $1.8K. A break below this level would be a significant bearish signal, potentially triggering sell-offs across a wider range of coins and bringing an end to the crypto market’s recent resilience to external threats.

Crypto News

The fall in Bitcoin during the current market cycle has been significantly less severe than in previous periods, notes Fidelity Digital Assets. While February saw a potential bottom for the current cycle around $60K, this represents a decline of just 52% from the peak, rather than 80–90% as previously seen.

The gap between BTC’s spot and realised prices has narrowed from 120% at the end of 2024 to the current 21%, CryptoQuant points out. However, the asset needs to fall a further 20% to reach the accumulation zone where bottoms have historically formed. Other on-chain signals also indicate that the decline is not yet over.

Canadian mining company Bitfarms has announced a change in strategy and a rebrand under the new name Keel Infrastructure. The company plans to relocate its headquarters to the US and focus on developing infrastructure for artificial intelligence.

The CLARITY Act, a bill on the structure of the crypto market, is unlikely to be passed, as the US Senate will fail to secure the necessary number of votes, said Anthony Scaramucci, managing partner at SkyBridge Capital. According to him, the key obstacle remains the requirement to secure the support of at least 60 senators.

The FxPro Analyst Team