Key Takeaways
- Trump’s tariff hike, Bybit hack, and EFT outflows were the catalysts for BTC’s price crash to around $86,000.
- BTC’s price must reclaim key support of $92,000 to see the structure shift to the upside.
- Altcoins suffer more price crashes, but the total market cap for altcoins shows a strong bullish trend.
The cryptocurrency market has been highly unstable in the past few weeks. Bitcoin’s price crashed from its high of $96,000 to a region of $86,000, losing over 13% of its value, while altcoins saw a significant price crash of over 20% amid macroeconomic uncertainties.
Bybit hack, Trump’s US tariffs on Mexico and Canada, and Bitcoin spot ETF outflow since the start of February were all catalysts that fueled the price of BTC as the price crash activated any liquations across the crypto space, leading to altcoins and memecoins seeing new lows.
Following a recent price decline across the market, Rektcapital, a popular trader in the crypto space, took to his X account to highlight how Bitcoin’s price movement for the currency cycle has been majorly re-accumulation phase for BTC followed by price deviation from previous ranges. The price would rally higher with similar expectations for BTC’s current drop.
Other crypto traders have also hinted at current market action for BTC, with technical analysis trader Coinvo speculating that the price of BTC will retrace towards its key support zone of $75,000, where he expects the price of BTC to resume its uptrend to new highs.
BTC Market Update And What To Expect
Source – BTC 1D Price Action From TradingView
Bitcoin’s (BTC) price crash from $96,000 to $86,000 over 13% has resulted from cascading events in the past few weeks, as the price of BTC has struggled to build strong price momentum to the upside.
The price crash for BTC shows weakness, with bears attempting to push its price to lower regions of $80,000 to $75,000, which could mean more price declines for altcoins after such a loss in the past couple of days.
The price of BTC needs to reclaim its support area of $92,000 for a possibility of price rallying to the high of $100,00, acting as resistance for the price. If the price of BTC fails to reclaim its support of $92,000, we could see prices headed to lower price zones.
Current State Of Altcoins and Memecoins
Following the current state of the market and altcoins crashing by over 30% in the last few weeks, Crypto Rover and other traders believe altcoins still have a good chance of price rally with the expected altcoins season to come in 2025.
The total market cap for altcoins looks good, holding above its support, which could give altcoins the needed boost for a price rally when the market is ready for a rebound to the upside.
