Crypto Market Today Wiped Out $250B, What’s Next for Bitcoin & Altcoins?

Crypto markets took a heavy hit today as the total crypto market cap dropped below $3 trillion, wiping out roughly $250 billion in value. Bitcoin fell more than 7%, touching almost $83,000 before making a small recovery towards $87K.

Major altcoins like ETH, XRP, BNB, SOL, and ADA also fell by 2–3%, adding more pressure to an already shaky market.

Now, traders are wondering where the crypto market is heading next.

Why the Crypto Market Crashes?

According to market watchers, today’s drop didn’t come from an obvious global shock, but from a fragile market structure with poor liquidity. One analyst explained that even modest stress, like weak overnight liquidity or shallow order books, was enough to trigger a sell-off once Bitcoin lost its support near $90,000.

On top of that, over 132,000 crypto traders were liquidated in the past 24 hours, with total liquidations reaching $472 million. The largest single wipeout came from a $15.6 million BTC-USD position on Hyperliquid.

Adding to the pressure, global bond yields are rising, economic data is weak, and investor sentiment is shaky

A 15-Year Dormant Wallet Moves 50 BTC

In the middle of all this chaos, an interesting on-chain event caught attention. A 15-year-old Bitcoin wallet, untouched since 2010, suddenly moved its entire balance, 50 BTC, worth around $4.3 million.

According to Lookonchain, these coins were originally earned from mining on March 18, 2010. The owner transferred the BTC to five new addresses, leaving behind only a tiny dust amount

Bitcoin Price Analysis: Key Levels to Watch Next

Bitcoin is now sitting in a very fragile position, and traders are watching every move closely. Popular analyst TED points to $80,500–$85,000 as the most important support area, where buyers previously defended the market. 

If this zone holds, Bitcoin may slow its fall and prepare for a reversal towards $90,000 for support.

But if BTC breaks below this support with strong selling, the drop could extend much further. Analysts warn that losing this level may drag Bitcoin toward the $64,000–$65,000 region, creating a much deeper correction.

Adding more caution, veteran trader Peter Brandt believes Bitcoin cycles are weakening over time, following a pattern he calls “exponential decay.” He even suggests the price could retest the $50,000 area before the next big rally begins.

Altcoins are Struggling Hard

Meanwhile, Ethereum dropped by 1% to trade around $2,801, with traders facing heavy liquidations of about $111 million, showing the market is still under pressure. 

Similarly, XRP dropped 1.5% to $2.01, while Solana and Cardano performed slightly better, rising 0.34% & 1.6% respectivtly.

Further fueling uncertainty is a proposal by MSCI to drop Strategy Inc. from its major equity indexes.