Bitcoin Drops Toward $84,000, Dragging Altcoins Along With It
Bitcoin and major altcoins extended losses over the past 24 hours as selling pressure intensified across the market, triggering a wave of long liquidations and pushing sentiment deeper into fear territory.
Price action, derivatives data, and momentum indicators all point to a market struggling to find near-term support.
Bitcoin slipped toward the $84,000 zone, down more than 7% on the weekly timeframe, while Ethereum recorded an even steeper seven-day decline of over 13%. Losses were broadly reflected across large-cap altcoins, with Solana, XRP, Dogecoin, and Cardano all posting high single-digit to double-digit weekly drops.
Despite the pullback, trading activity remained elevated. Bitcoin’s 24-hour volume hovered near $50 billion, while Ethereum saw more than $27 billion change hands, suggesting aggressive repositioning rather than a lack of participation.
Bitcoin Struggles to Regain Momentum on the 4H Chart
On the 4-hour timeframe, Bitcoin continued to trade below recent highs, failing to reclaim the $90,000 area. The chart shows a sequence of lower highs following the sharp breakdown earlier in the month, with price consolidating near the mid-$80,000s.
Momentum indicators reflect this hesitation. The RSI remains below the neutral 50 level, signaling weak buying strength, while MACD readings stay negative, indicating that bearish momentum has not fully dissipated. Attempts at short-term rebounds have been met with renewed selling pressure.
Long Liquidations Hit Hard as Leverage Unwinds
Derivatives data reveals that the latest move lower disproportionately affected bullish traders. Over the past 24 hours, total liquidations exceeded $513 million, with long positions accounting for the majority of losses.
Bitcoin and Ethereum led liquidation volumes, with BTC alone seeing more than $167 million wiped out, followed by Ethereum at roughly $127 million. On shorter timeframes, the imbalance was even more pronounced, highlighting how leveraged long exposure was flushed as prices slipped.
The largest single liquidation was recorded on a perpetual contract tied to HYPE, underscoring that risk appetite extended beyond just the major assets.
Fear Index Reflects Growing Market Anxiety
Investor sentiment has continued to deteriorate alongside price action. The Crypto Fear & Greed Index dropped to 22, firmly in “Fear” territory. This reading reflects rising caution as traders react to falling prices, persistent volatility, and the absence of a clear bullish catalyst.
Historically, such low sentiment levels have coincided with both continuation phases and potential stabilization zones, depending on broader market conditions.
Altcoins Underperform as Risk Appetite Shrinks
Altcoins broadly lagged Bitcoin during the downturn. Solana, Dogecoin, and Cardano all recorded weekly losses exceeding Bitcoin’s percentage decline, signaling reduced risk tolerance among traders. Stablecoins, meanwhile, remained steady, with USDT and USDC holding close to their pegs and absorbing capital flowing out of volatile assets.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
