According to BlockBeats, a recent report by Glassnode highlights the significant impact of the U.S. tariff announcement on major financial markets, marking the worst trading records since March 2020. The inflow of funds into mainstream digital assets has stalled, leading to a notable contraction in liquidity and creating strong headwinds.
Interestingly, the scale of sell-offs in Bitcoin and Ethereum has been decreasing with each price dip, suggesting that short-term selling pressure may be nearing exhaustion. The current downturn in digital assets has been widespread, with the total market capitalization of altcoins shrinking from $1 trillion in December 2024 to $583 billion.
On-chain data and technical model analysis indicate that $93,000 is a critical psychological level for Bitcoin, which must be reclaimed to regain upward momentum. On the downside, the $65,000 to $71,000 range remains a crucial support zone that bulls need to defend.
