Cryptocurrency prices are under pressure today, with Bitcoin, Ethereum and XRP all trading lower as global market sentiment turns red. The total crypto market value has slipped to around $2.92 trillion, down nearly 2%, while investor sentiment remains weak.
Bitcoin fell toward the $86,000 level after another volatile session. There were sharp price swings, with Bitcoin briefly jumping more than $3,000 before reversing lower within an hour. Both long and short positions were heavily liquidated, showing how fragile market confidence is right now.
Analysts say Bitcoin is not falling because of weak fundamentals. Instead, stronger selling pressure is outweighing institutional buying. Large investors are still accumulating Bitcoin, but forced selling from other parts of the market is pushing prices down.
Another factor weighing on Bitcoin is renewed concern around China’s Bitcoin mining restrictions. Reports show mining activity has tightened again, leading to an estimated 8% drop in the network’s hash rate. While China now controls a smaller share of global mining power than in 2021, the sudden decline has raised fears of miner selling and short-term instability.
Ethereum has fallen more sharply than Bitcoin, dropping nearly 3% in 24 hours and over 14% in the past week. Like other major assets, ETH is being hit by broad risk-off sentiment rather than project-specific news.
Lower liquidity, profit-taking, and the absence of strong near-term catalysts have made Ethereum vulnerable to deeper pullbacks.
XRP has also slipped toward $1.88, down about 2% on the day, as selling pressure spreads across the altcoin market.
Market data shows the average crypto RSI near 36, indicating oversold conditions. Historically, such levels often lead to short-term bounces, but analysts warn that volatility could remain high in the near term.
Bitcoin needs to reclaim the $88,000 level to regain momentum. If that fails, analysts are watching $83,000 and $80,000 as key support zones where liquidity could attract buyers.
For now, fear remains elevated, prices are under pressure, and investors are watching closely to see whether this dip turns into a deeper correction or sets the stage for the next rebound.
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