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Bitcoin (BTC) is attempting to reclaim $90,000 after a bloodbath at the beginning of the week drove the price to a low of $86,220, as analysts warned of a deeper correction to $80,000. The flagship cryptocurrency is down over 3% in the past 24 hours and is trading around the $88,900 mark.
The markets tumbled on Monday and Tuesday after US President Donald Trump announced that planned tariffs against Canada and Mexico would go ahead as planned after the 30-day pause. Growing ETF outflows and mounting liquidations also hampered investor sentiment.
While BTC remains in the red, markets are slowly recovering, with Ethereum (ETH) marginally up over the past 24 hours and trading just under the $2,500 level. Ripple (XRP) is up just under 2%, while Solana (SOL) has rebounded nearly 5% and is trading at $143. Dogecoin (DOGE) and Cardano (ADA) are up almost 2%, while Chainlink (LINK) is up 2.30% at $15.36. Stellar (XLM), Litecoin (LTC), Toncoin (TON), Hedera (HBAR), and Polkadot (DOT) also registered notable increases. Despite altcoins trading in the green, the crypto market cap is down just over 2% and currently sits at $2.92 trillion.
Market Jitters Keep Bitcoin (BTC) Below $90,000
Bitcoin (BTC) dropped to an intraday low of $86,220 on Tuesday, hitting its lowest level since November 2024 after Donald Trump confirmed tariffs on Canada and Mexico would come into effect in March. The announcement added uncertainty in a market already reeling in the aftermath of the Bybit hack. Investors have been jittery on signs that the so-called exceptionalism of the US economy may be fading as President Trump prepares to impose tariffs. The confirmation of 25% tariffs on Canada and Mexico have also impacted sentiment, while US Treasury prices have registered a sharp increase, sending yields to a two-month low. According to Marcel Heinrichsmeir, a crypto analyst at DZ Bank, the macroeconomic situation is the primary reason behind the recent decline in the crypto space.
“The macroeconomic situation has been the main reason for the price decline in the last few hours. The Bybit hack and the memecoin turmoil of the past few weeks have contributed to a generally worse mood in the crypto market than at the beginning of the year.”
Altcoins have taken an even bigger hit, and some meme coins have dropped over 20%, adding more panic in a jittery market. However, some analysts believe the sell-off is not unexpected, stating,
“The brutal sell-off happening in crypto is not unexpected, considering we’ve just seen the biggest hack in our history. This has been compounded by further fears over global tariffs.”
Citadel Eying Market Maker Role
Citadel, one of the most prominent market makers on the New York Stock Exchange (NYSE) could soon expand its operations into the crypto ecosystem by offering services to crypto exchanges like Coinbase. CEO Ken Griffin expressed interest in expanding Citadel’s operations into the crypto space. Griffin, a previous crypto critic, highlighted the need for clear regulatory guidelines for Citadel’s entry into the crypto space. He also suggested that the current administration must advocate for regulations to prevent fraud and encourage participation from banks and asset managers. Griffin stated,
“We've seen time and time again in markets where your tier one players are allowed to participate are actually markets that clean themselves up.”
Analysts Bullish On Crypto And Other Altcoins Despite Market Turmoil
Bitcoin (BTC) slipped beneath $90,000 for the first time since November 2024. Meanwhile, Ethereum (ETH) has underperformed significantly in the past few months and could see an extended decline if current sentiment persists. However, several indicators paint a bullish outlook for the world’s second-largest cryptocurrency. CryptoQuant founder and CEO Ki Young Ju believes ETH is ready to break its underperforming trend, citing several key factors. He highlighted that despite the Bybit hack there was no major selling pressure on ETH. ETH whales have also been expanding their holdings, with wallets containing 10,000 to 100,000 ETH having jumped 24% over the past year.
The Ethereum network also hosts over half of the stablecoin market capitalization. Favorable US regulations, particularly around stablecoins, could accelerate ETH-based stablecoin and smart contract adoption. Additionally, Ethereum ETFs have started registering consistent inflows, bringing in institutional capital.
Crypto Records Surging Growth In Small-Town India
Young Indians are dabbling in crypto trading to supplement their regular income after jobs and pay increases stagnated in the world’s most populous country. Leaving the stock and derivatives market behind, many have pivoted towards cryptocurrencies, whose value surged after Donald Trump’s election victory. Edu Patel, founder of Mudrex, stated,
“There is a lot of curiosity at the ground level ... especially with Trump becoming the U.S. president and the entire flavor of crypto changing the world over.”
India’s crypto market is expected to grow to $15 billion in 2025, significantly higher than the current $2.5 billion. Retail traders are the main drivers behind the growing interest in these assets. Out of the top ten cities that propelled crypto growth seven were two and three-tier cities like Lucknow, Jaipur, and Pune.
“Growth is now being driven by non-metro cities. That's true for the stock world, and it's true for crypto.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) plummeted below $90,000 on Tuesday, plunging to an intraday low of $85,985 as markets buckled under pressure from adverse macroeconomic conditions, trade tariffs, ETF outflows, and mounting liquidations. As a result, the flagship cryptocurrency plunged nearly 8%, falling below key support levels and raising the prospect of a deeper decline that could drag it to $80,000 or lower. The sentiment around BTC is in stark contrast to what had pushed BTC past $100,000 as it surged to a new all-time high on inauguration day. However, BTC has dropped over 20% since, as investors become jittery over tariffs, aggressive trade policies, and persistent inflation concerns. Adrian Przelozny, CEO of crypto exchange Independent Reserve, stated,
“The fall in Bitcoin prices is likely related to broader macro uncertainty that has hit most financial markets in the last couple of days and is linked to the various tariffs being announced by President Trump.”
Spot Bitcoin ETFs also registered consistent outflows, with over $1 billion pulled over the past few weeks and redirected to a stronger yen, a perceived safe haven currency. The sell-off coincides with a wider market retreat from risk assets, which accelerated last week after disappointing macroeconomic data triggered a slump in the Nasdaq 100. However, expectations for an easier US Federal Monetary Policy have surged with prediction markets putting the odds of a May rate cut at 30%. Despite this, market sentiment remains cautious. Singapore-based QCP Capital shared a broadcast message late on Tuesday, stating,
“Zooming out, equities, fixed income, and gold have largely shrugged off the data points previously blamed for broader market weakness, with BTC remaining flat. Rising BTC dominance and sliding altcoin prices suggest that alt bulls may already be fully long, with any new dollar inflows going exclusively into BTC. We remain cautious. Recent BTC demand has been driven primarily by institutions like MicroStrategy, financed through equity-linked note issuances. With crypto-related issuance accounting for roughly 19% of total issuance over the last 14 months, the market for such financing may be nearing saturation — potentially dampening institutional demand if spot continues to stay muted.”
BTC registered a sharp drop last Tuesday, falling to an intraday low of $93,431. However, it recovered from this level to reclaim $95,000 and settle at $95,634, ultimately registering a marginal decline. Sentiment changed Wednesday as BTC rose nearly 1% and settled at $96,386. Bullish sentiment intensified on Thursday, and BTC rose just under 2% to move past the 20-day SMA and settle at $98,251. However, sentiment changed on Friday thanks to the Bybit hack, and markets turned bearish. As a result, BTC dropped over 2%, falling below the 20-day SMA to a low of $94,833 before settling at $96,184.
Source: TradingView
The price registered a marginal recovery on Saturday and moved to $96,478 but fell back on Sunday to end the weekend on a bearish note at $96,084. Bearish sentiment intensified on Monday as BTC fell nearly 5%, slipping below key support levels and settling at $91,622. Bearish sentiment and volatility persisted on Tuesday as BTC fell to an intraday low of $95,985, raising concerns about a deeper correction. However, it recovered from this level to settle at $88,654, ultimately registering a decline of 3.24%. The current session sees BTC marginally up as it looks to reclaim $90,000. However, the outlook remains bearish, with the RSI at 30 and the MACD showing an increasingly bearish tilt. Buyers must reclaim $90,000 to prevent a deeper correction. However, if sellers retake control, BTC could drop to $85,000. A break below this level could trigger a drop to $80,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to recover as it continues to trade in the red during the ongoing session, with the MACD suggesting more selling pressure ahead. The world’s second-largest cryptocurrency has spent the current week trading in the red after falling below key moving averages and support levels.
ETH started the previous week positively, rising to an intraday high of $2,850. However, it could not stay at this level and settled at $2,745, ultimately registering an increase of just over 3%. The price fell back on Tuesday, dropping 2.67% after failing to move past the 20-day SMA and settled at $2,761. Buyers returned to the market on Wednesday as the price rose nearly 2% to reclaim $2,700 and settle at $2,716. A marginal increase on Thursday saw the price move past the 20-day SMA and settle at $2,739. However, buyers lost momentum on Friday after reaching an intraday high of $2,845. As a result, ETH dropped nearly 3%, slipping below the 20-day SMA and settling at $2,663.
Source: TradingView
Bullish sentiment returned on Saturday as ETH rose nearly 4% to move past the 20-day SMA and settled at $2,766. Buyers retained control on Sunday as ETH rose 1.99% to move past $2,800 and settled at $2,821. However, markets turned bearish on Monday as ETH plunged nearly 11%, slipping below key support levels and the 20-day SMA to $2,517. Sellers retained control on Tuesday as the price fell to an intraday low of $2,322 as analysts feared a deeper correction. However, the price recovered from this level to reclaim $2,400 and settle at $2,495. The current session sees ETH remain in the red as sellers look to push ETH towards $2,400. If ETH drops below this level, it could decline to $2,200. Buyers must reclaim $2,500 to prevent a decline. However, the MACD has turned bearish, indicating the price could drop further.
Solana (SOL) Price Analysis
Solana (SOL) has continued its decline during the current session, slipping below $140 as sellers tightened their hold on the market. SOL has been trading downwards since surging to $295, with bearish sentiment around the asset intensifying after a series of dodgy meme coin projects on the Solana blockchain dampened investor sentiment. SOL fell below the 200-day SMA last Monday, dropping nearly 6% to $177. The price continued to drop on Tuesday, falling 4.66% to $169, but not before hitting an intraday low of $160. SOL registered a marginal decline on Wednesday before recovering on Thursday and registering an increase of just over 4% to reclaim $170 and settle at $176. Sellers returned to the market on Friday, dropping just over 4% and settling at $168.
Source: TradingView
SOL’s seesaw price action continued on Saturday as it registered an increase of nearly 2% and settled at $172. The price fell back on Sunday, dropping over 2% to end the weekend on a bearish note at $168. Bearish sentiment intensified on Monday as markets fell into the red. As a result, SOL plunged nearly 16% to slip below $150 and settle at $142. SOL fell to an intraday low of $132 on Tuesday. However, it rebounded from this level to register an increase of 1.61% and settle at $144. The current session sees SOL down just over 3% and trading at $139. Technical indicators are heavily bearish, with the RSI dropping below 30 to 25. Meanwhile, the MACD also indicates that sellers remain in control.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) lost momentum after failing to move past the 20-day SMA last weekend, dropping just over 2% on Sunday to $0.265. Sellers retained control on Monday, falling 2.52% to $0.258. Selling pressure intensified on Tuesday as DOGE dropped to an intraday low of $0.241 before settling at $0.250. With buyers active at this level, DOGE recovered on Wednesday, rising 1.56% to $0.254. However, it lost momentum on Thursday and could register only a marginal increase before dropping 6% to $0.239, barely staying above the 200-day SMA.
Source: TradingView
Buyers returned to the market on Saturday as DOGE rose nearly 3% to $0.246. Once again, buyers lost momentum close to resistance levels and dropped 1.50% to $0.242, ending the week firmly in the red. Selling pressure intensified on Monday as DOGE plunged over 13%, going below the 200-day SMA and settling at $0.210. Sellers attempted to drive DOGE below $0.20 as it dropped to an intraday low of $0.195. However, it recovered from this level to reclaim $0.20 and settle at $0.212, ultimately registering a marginal increase. The current session sees DOGE marginally down as buyers and sellers struggle to establish control. The MACD has flipped to bearish, indicating a further downtrend for the popular meme coin.
Bittensor (TAO) Price Analysis
Bittensor (TAO) was quite bullish during the previous week as it surged to an intraday high of $494. However, it lost momentum after reaching this level, declining rapidly to drop below $400. TAO registered a marginal increase last Monday and then rose just over 4% on Tuesday to settle at $376. TAO continued to push higher on Wednesday, surging nearly 12% to move past the 20-day SMA and $400 to settle at $419. Buyers retained control on Thursday, registering an increase of 11% to move past the 50 and 200-day SMA to $465. TAO surged to an intraday high of $494 on Friday as buyers attempted a move past $500. However, it lost momentum after reaching this level and ultimately dropped nearly 5% to slip below the 200-day SMA and settled at $444.
Source: TradingView
Price action remained bearish on Saturday as TAO dropped nearly 3% to $432. TAO registered a marginal recovery on Sunday but fell back in the red on Monday, dropping over 8% to slip below $400 and the 50-day SMA and settling at $397. Sellers continued to exercise control on Tuesday, falling below the 20-day SMA on its way to an intraday low of $353. It rebounded from this level to ultimately settle at $379, a decline of 4.50%. The current session sees TAO marginally down as buyers and sellers struggle to establish control.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) lost momentum after failing to cross the 20-day SMA last Monday. As a result, the price dropped over 7% on Tuesday, dropping to an intraday low of $0.439 before settling at $0.460. The price recovered on Wednesday, rising 2.41% and moving to $0.471. Buyers retained control on Thursday, and ARB registered an increase of just over 4% to move past the 20-day SMA and settle at $0.491. However, the price was back in the red on Friday, dropping nearly 5% to slip below the 20-day SMA and settle at $0.467.
Source: TradingView
ARB recovered over the weekend, registering an increase of 1.95% on Saturday and 0.34% on Sunday to move past the 20-day SMA and settle at $0.478. Markets collapsed on Monday as ARB plunged over 14%, going below the 20-day SMA and settling at $0.411. Despite the overwhelming bearish sentiment, ARB recovered on Tuesday, rebounding from a low of $0.38 to register an increase of 2% and settle at $0.419. The current session sees ARB up just over 1% and trading at $0.424.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) registered a substantial drop last Tuesday, falling nearly 4% to $6.76. Despite the bearish sentiment, the price recovered on Wednesday, rising 1.48% to $6.86. Buyers retained control on Thursday as ICP rose over 4% to move past $7 and settle at $7.15. However, it lost momentum on Friday, falling 2.38% after failing to move past the 20-day SMA and settling at $6.98.
Source: TradingView
ICP recovered on Saturday, rising over 3% to move past the 20-day SMA and settle at $7.20. However, bearish sentiment returned on Sunday, with the price dropping just over 2% to slip below the 20-day SMA and settle at $7.05. Selling pressure intensified on Monday as ICP plunged over 9% to slip below $7 and the 20-day SMA and settled at $6.40. The price fell to an intraday low of $5.89 on Tuesday. However, it recovered from this level to reclaim $6 and settle at $6.34, ultimately registering a drop of nearly 1%. The current session sees ICP up over 3% as it looks to reclaim $7 and move past the 20-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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