The crypto market is facing renewed selling pressure as Bitcoin and major altcoins show signs of weakness, suggesting that bears are attempting to take control.
Bitcoin has fallen below the key $66,000 support level, increasing the risk of a further decline toward the $62,500–$60,000 zone. The inability to hold above $72,000 has strengthened bearish momentum and invalidated a potential bullish continuation pattern.
Macroeconomic uncertainty, including geopolitical tensions and concerns around the US economy, continues to weigh on the market. In addition, US spot Bitcoin ETFs recorded $171 million in outflows, reflecting reduced institutional demand in the short term.
Several major altcoins including ETH, BNB, XRP, SOL, DOGE, ADA, BCH, and LINK have also broken below immediate support levels, opening the possibility for further downside across the broader market.
Despite the current weakness, on-chain data provides a mixed outlook. Large Bitcoin holders have continued accumulating, which historically has preceded upward breakouts. At the same time, realized profits in the market have dropped significantly, suggesting the market may be moving toward the later stages of a bearish cycle.
If Bitcoin continues to trade below $66,000, further selling pressure is likely. However, a strong recovery above $72,000 could shift momentum back in favor of buyers and open the path toward higher resistance levels near $74,500 and potentially $84,000.
The market remains at a critical point, with key support and resistance levels likely to determine the next major move.
