Crypto Market Dip Deepens as BTC Nears $85K
Bitcoin nears $85K and Ethereum dips below $3K as crypto markets face consolidation and extreme fear.
- Bitcoin drops toward $85K, losing 3.7%
- Ethereum falls below $3K support, down 6.2%
- Spot trading volume dips 28% amid extreme fear
The crypto market continues to face downward pressure as leading assets like Bitcoin (BTC) and Ethereum (ETH) show sharp declines. BTC is now approaching the $85K mark again, while ETH has lost its key $3K support level, trading at around $2,948.
Bitcoin is currently down 3.7% in the last 24 hours, hovering at $86,533. Ethereum has taken an even steeper hit, falling by 6.2%. These movements come as the broader market appears to be consolidating near levels last seen in April.
Extreme Fear Grips the Market
Investor sentiment has taken a nosedive, with the Fear and Greed Index (FGI) dropping to 11, indicating a state of “Extreme Fear.” This suggests that many traders are either exiting their positions or remaining on the sidelines due to uncertainty.
Additionally, the total crypto market capitalization has dropped to $3.13 trillion. The pressure is further reflected in liquidations, which have reached $652 million in the past 24 hours, signaling high volatility and leveraged positions getting wiped out.
Low Spot Volume Signals Weak Momentum
Spot trading volume across major centralized exchanges (CEXs) has fallen by 28%, showing a clear decline in market activity. This decrease in volume is often interpreted as a sign of weak buying interest, reinforcing the ongoing bearish sentiment.
Despite the dip, some traders view consolidation as a potential setup for a stronger rebound. However, until there’s a shift in sentiment or a catalyst to drive prices up, the market may continue to drift or trend lower.
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