The crypto market has lost $68.75 billion in value over the past 24 hours, with its total market cap falling 2.5% to $2.75 trillion. For the past week, Bitcoin has been struggling to recover above $84,000, while Ethereum has slipped below key support.
With both Bitcoin and Ethereum under pressure, analysts warn that their charts are flashing warning signs of further price declines.
Why are Bitcoin and the overall market falling?
As of now, Bitcoin is trading near $80,108, reflecting a drop of over 1.5% seen in the past 24 hours. The drop has added to pressure across the crypto market, with $342.38 million in positions liquidated, affecting 83,748 traders, while 65% of liquidations came from long traders.
The sell-off is not limited to crypto, as major tech stocks have also fallen. Alphabet shares dropped around 11%, trading at $289 after its third-quarter revenue and operating income came in below expectations.
The company reported $127.58 billion in revenue, missing the $127.93 billion forecast, while operating income reached $40.58 billion against estimates of $43.16 billion.
Another tech giant, Samsung shares also fell more than 4.13% after its semiconductor division failed to meet investor expectations. The weakness in tech stocks has added to pressure across financial markets, weighing on Bitcoin and other risky assets.
Bitcoin Could Test Lower Levels
Against this backdrop, crypto analyst Michael van de Poppe says Bitcoin has yet to show a clear bullish signal. His chart shows BTC forming lower highs after falling from above $84,000, with recent rebounds failing to turn resistance into support.
Bitcoin has already tested the area near $79,725. If selling pressure returns, the next levels to watch are $79,172 and $78,416. A deeper decline could bring $76,269 into focus.
On the upside, Bitcoin needs to reclaim $80,920 to improve its short-term outlook. A move toward $82,938 would challenge the bearish setup marked on the chart.
Ethereum Breaks Key Support as $2,000 Crash Possible
It’s not just Bitcoin showing weakness, Ethereum is also showing signs of weakness. ETH is trading near $2,322, down around 1.7%, after failing to hold its recent recovery toward $2,400.
Well-known chart analyst Ali Martinez noted that large holders have sold roughly 160,000 ETH worth more than $348 million over the past few days. Adding to the selling pressure, Ethereum ETFs have recorded around $170 million in outflows since the start of the week.
At the same time, exchange balances have increased by around 100,000 ETH, worth roughly $240 million, making it easier for holders to sell.
His daily chart shows a break below a right-angled ascending broadening pattern, increasing the risk of another leg down. If selling continues, the chart points to $2,026.94 as a potential downside target, close to the $2,000 level Martinez has warned about.