Bear market comments and speculation have returned to the cryptocurrency space after Bitcoin erased more than $400 billion from its market cap in a matter of weeks, falling from over $82,000 to a Friday low of $59,000 — its lowest level in 19 months.
Bitcoin fell below $60,000 for the first time since autumn 2024, according to data from the Binance platform. Since reaching a peak of $126,000 last October, Bitcoin briefly lost more than half of its value, Bloomberg notes. Traders are convinced that the correction will not end soon.
The sharp decline in the cryptocurrency market in recent days has once again drawn attention to Bitcoin’s critical support levels. Axel Adler Jr., an analyst at the CryptoQuant data platform, noted in his assessment of Bitcoin’s current outlook that selling pressure is steadily increasing.
The cryptocurrency market started the week under strong selling pressure, with Bitcoin ($BTC) falling toward the $70,000 level. Analysts say that the decline has been driven by escalating tensions between the United States and Iran, as well as Bitcoin sales by institutional investors, including Strategy.
Ethereum has fallen below the key $2,000 support level as institutional outflows, geopolitical tensions, and a bearish technical breakdown continue to weigh on market sentiment.
$XRP continued to decline over the past 24 hours as broader weakness in the crypto market pushed the token closer to a key support range. CoinMarketCap market data showed that $XRP fell by 3.46% to around $1.28 at the time of publication, while its market capitalization dropped to $79.7 billion.
Bitcoin has once again found itself in a narrow range. The price bounced from the area around $74,500 but has not yet managed to return above the key on-chain levels near $77,000. Against the backdrop of a major options expiry on May 29, the market is effectively squeezed between two important marks: $75,000 below and $80,000 above.
$XRP faced massive selling on Binance, yet the price held above the April resistance zone. This shifted attention to the state of liquidity and whether nearby support will be able to withstand renewed pressure from sellers.
On-chain analyst and trader Ali Martinez has named $1,850 as a critically important support level for ether. Losing this price level could push the second-largest cryptocurrency by market capitalisation first down to $1,560 and then to $1,070.
Bitcoin has fallen by $6,000 since the CLARITY Act advanced to the full Senate, wiping $126 billion off its market capitalisation — what analysts describe as a typical “sell-the-news” event. Ethereum dropped by more than 10%, erasing $30 billion.
Bitcoin’s (BTC) market structure continues to become more constructive, although the nature of the move toward new highs differs significantly from the aggressive rallies observed between 2023 and 2025. This was stated by analysts at Glassnode.
$XRP price pulled back from highs near $1.50 and is currently trading around $1.46 amid rising geopolitical tensions across crypto markets. The correction followed weakening risk sentiment after the recent bullish momentum failed to break through major nearby resistance levels.
Bitcoin fell to $89,418 on the Binance exchange, which corresponds to a 5.44% price decrease from December 9, when the asset climbed to $94,640. This occurred after the U.S. Federal Reserve cut the key interest rate by 25 basis points for the third consecutive time.
The price of XRP attempted to recover and climb above $2.150 but failed to continue higher as Bitcoin and Ethereum did. The price started a new decline and dropped below $2.10 and $2.050.
Dogecoin broke through the critical support level of $0.1350 on exceptionally high selling volume, then quickly rebounded — signaling high volatility and an active battle between distribution and opportunistic accumulation.
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