The global crypto market has come under renewed selling pressure, shedding about $60 billion in the past day to settle around $3.75 trillion.
Crypto Market Weakens: Bitcoin Holds Line, Ethereum Struggles at $4K
The global crypto market has come under renewed selling pressure, shedding about $60 billion in the past day to settle around $3.75 trillion.
The drop highlights growing investor caution as broader economic uncertainties weigh on sentiment.
If the decline continues, total market capitalization could slide toward $3.67 trillion or even $3.58 trillion, particularly if outflows from volatile altcoins intensify. Still, a shift in confidence could spark a rebound, with potential recovery targets near $3.81 trillion and $3.89 trillion.
Bitcoin remains relatively steady around $111,000, staying above the psychologically important $110,000 level – a zone that has repeatedly attracted buying interest in previous downturns.
However, technical signals remain weak. The Relative Strength Index points to persistent bearish momentum, implying sellers still dominate. If pressure continues, Bitcoin could fall below $110,000, possibly testing $108,000. On the other hand, a rebound from current levels could lift the asset above $112,500 and pave the way for a push toward $115,000.
Ethereum is attempting to hold the $4,000 threshold after falling more than 2% over the past 24 hours. The decline reflects broader market weakness, though maintaining this level could be key to preventing deeper losses across major altcoins.
BitMine’s chairman Tom Lee, a longtime crypto bull, remains vocal about his price expectations.
He said on a recent podcast that he sees ETH hitting $10,000 to $12,000 by year-end, describing the forthcoming rally as true price discovery rather than just a speculative spike.
BitMine’s recent accumulation comes on the heels of an earlier record purchase. During a major crypto market dip, the company spent over $827m acquiring $ETH ETH, a timing that captured demand from panic sellers amid a weekend that saw $19b in leveraged positions liquidated.
