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Bitcoin Tests Support Levels as Crypto Market Braces for Further Downside

MarketDash Editorial Team
21 days ago
Major cryptocurrencies slipped Sunday evening as fear gripped the market, with analysts warning Bitcoin could test new lows this week while liquidations topped $620 million.

The crypto market couldn't catch a break Sunday evening, with most major digital assets sliding lower as investors maintained their cautious stance. It's the kind of subdued action that makes you wonder if everyone's just waiting for the other shoe to drop.

Here's where the major cryptocurrencies stood at 8:30 p.m. ET:

Bitcoin (BTC) declined 0.34% to $95,071.29

Ethereum (ETH) fell 0.48% to $3,138.92

XRP (XRP) bucked the trend, rising 0.93% to $2.23

Solana (SOL) dipped 0.12% to $138.79

Dogecoin (DOGE) dropped 1.39% to $0.1595

Selling Pressure Intensifies

Bitcoin tumbled below $93,000 earlier in the day, extending its ongoing decline. What's particularly notable is that trading volume more than doubled over the last 24 hours. That's not just casual profit-taking—it signals genuine selling pressure.

Ethereum bounced off its $3,000 support level late evening, a psychological floor that traders have been watching closely. Trading volume surged 71% to $32.16 billion, suggesting plenty of activity around that key level.

The carnage was real across the board. Cryptocurrency liquidations topped $620 million in the last 24 hours, according to Coinglass. Nearly $400 million of those liquidations came from bullish long positions—meaning a lot of optimistic traders just got squeezed out of their bets.

Here's an interesting tell: Bitcoin's open interest rose 1.41% in the last 24 hours. When open interest climbs while spot prices fall, it typically means new money is entering the market through short selling. In other words, traders are actively betting on further downside.

The Crypto Fear & Greed Index painted the picture clearly: "Extreme Fear" dominated the market. Not just regular fear—extreme fear. That's the kind of sentiment that either marks a bottom or signals more pain ahead, depending on who you ask.

A Few Winners Emerge

Not everything was down. Among cryptocurrencies with market caps exceeding $100 million, a handful posted gains at 8:30 p.m. ET:

Aster (ASTER) surged 12.48% to $1.25

Pi (PI) gained 3.57% to $0.2270

Zcash (ZEC) rose 2.84% to $700.03

The global cryptocurrency market capitalization stood at $3.22 trillion, contracting 0.33% over the last 24 hours.

Traditional Markets Show Resilience

While crypto struggled, stock futures ticked higher overnight Sunday. The Dow Jones Industrial Average Futures added 15 points, or 0.05%, as of 7:48 p.m. EDT. Futures tied to the S&P 500 rose 0.34%, while Nasdaq 100 Futures gained 0.57%.

This comes after a rough week for equities. The S&P 500 and the tech-heavy Nasdaq Composite ended the previous week down 1.05% and 2.36%, respectively. Investors are licking their wounds and looking for direction.

All eyes are on Nvidia Corp. (NVDA), which is set to report its third-quarter earnings on Wednesday. Those results will give investors vital clues about the state of the artificial intelligence trade—arguably the most important theme driving markets right now.

Analysts Brace for More Downside

Widely followed cryptocurrency analyst and trader Michaël van de Poppe offered a sobering prediction: Bitcoin will test new lows in the coming week.

But he added a silver lining: "If it breaks the lows and quickly rebounds + good macroeconomic data, then we're in for some good times." So the scenario isn't necessarily doom and gloom—it's more like a necessary reset before the next leg up.

Ali Martinez, another popular cryptocurrency commentator, caught the market's attention with a bold call. "$1,800 looks like a great spot to buy Ethereum," he said, implying that the second-largest token could tumble considerably further from its current $3,139 level. That would represent a roughly 43% decline from current prices—a stomach-churning prospect for current holders but potentially an opportunity for those sitting on cash.

Whether these predictions prove prescient or premature, one thing is clear: the crypto market is at a crucial juncture, and the coming week could determine whether we're looking at a healthy correction or something more concerning.

Back to News

Bitcoin Tests Support Levels as Crypto Market Braces for Further Downside

MarketDash Editorial Team
21 days ago
Major cryptocurrencies slipped Sunday evening as fear gripped the market, with analysts warning Bitcoin could test new lows this week while liquidations topped $620 million.

The crypto market couldn't catch a break Sunday evening, with most major digital assets sliding lower as investors maintained their cautious stance. It's the kind of subdued action that makes you wonder if everyone's just waiting for the other shoe to drop.

Here's where the major cryptocurrencies stood at 8:30 p.m. ET:

Bitcoin (BTC) declined 0.34% to $95,071.29

Ethereum (ETH) fell 0.48% to $3,138.92

XRP (XRP) bucked the trend, rising 0.93% to $2.23

Solana (SOL) dipped 0.12% to $138.79

Dogecoin (DOGE) dropped 1.39% to $0.1595

Selling Pressure Intensifies

Bitcoin tumbled below $93,000 earlier in the day, extending its ongoing decline. What's particularly notable is that trading volume more than doubled over the last 24 hours. That's not just casual profit-taking—it signals genuine selling pressure.

Ethereum bounced off its $3,000 support level late evening, a psychological floor that traders have been watching closely. Trading volume surged 71% to $32.16 billion, suggesting plenty of activity around that key level.

The carnage was real across the board. Cryptocurrency liquidations topped $620 million in the last 24 hours, according to Coinglass. Nearly $400 million of those liquidations came from bullish long positions—meaning a lot of optimistic traders just got squeezed out of their bets.

Here's an interesting tell: Bitcoin's open interest rose 1.41% in the last 24 hours. When open interest climbs while spot prices fall, it typically means new money is entering the market through short selling. In other words, traders are actively betting on further downside.

The Crypto Fear & Greed Index painted the picture clearly: "Extreme Fear" dominated the market. Not just regular fear—extreme fear. That's the kind of sentiment that either marks a bottom or signals more pain ahead, depending on who you ask.

A Few Winners Emerge

Not everything was down. Among cryptocurrencies with market caps exceeding $100 million, a handful posted gains at 8:30 p.m. ET:

Aster (ASTER) surged 12.48% to $1.25

Pi (PI) gained 3.57% to $0.2270

Zcash (ZEC) rose 2.84% to $700.03

The global cryptocurrency market capitalization stood at $3.22 trillion, contracting 0.33% over the last 24 hours.

Traditional Markets Show Resilience

While crypto struggled, stock futures ticked higher overnight Sunday. The Dow Jones Industrial Average Futures added 15 points, or 0.05%, as of 7:48 p.m. EDT. Futures tied to the S&P 500 rose 0.34%, while Nasdaq 100 Futures gained 0.57%.

This comes after a rough week for equities. The S&P 500 and the tech-heavy Nasdaq Composite ended the previous week down 1.05% and 2.36%, respectively. Investors are licking their wounds and looking for direction.

All eyes are on Nvidia Corp. (NVDA), which is set to report its third-quarter earnings on Wednesday. Those results will give investors vital clues about the state of the artificial intelligence trade—arguably the most important theme driving markets right now.

Analysts Brace for More Downside

Widely followed cryptocurrency analyst and trader Michaël van de Poppe offered a sobering prediction: Bitcoin will test new lows in the coming week.

But he added a silver lining: "If it breaks the lows and quickly rebounds + good macroeconomic data, then we're in for some good times." So the scenario isn't necessarily doom and gloom—it's more like a necessary reset before the next leg up.

Ali Martinez, another popular cryptocurrency commentator, caught the market's attention with a bold call. "$1,800 looks like a great spot to buy Ethereum," he said, implying that the second-largest token could tumble considerably further from its current $3,139 level. That would represent a roughly 43% decline from current prices—a stomach-churning prospect for current holders but potentially an opportunity for those sitting on cash.

Whether these predictions prove prescient or premature, one thing is clear: the crypto market is at a crucial juncture, and the coming week could determine whether we're looking at a healthy correction or something more concerning.