The cryptocurrency market continues to face significant downward pressure as of this morning, extending the substantial losses seen on Friday.
Bitcoin trades below $84,000 while most altcoins are experiencing even steeper declines amid broader macroeconomic concerns.The crypto market suffered a major setback yesterday (March 28) as a $115 billion market-wide sell-off erased all gains made earlier in the week.
This morning, that bearish momentum continues with most major cryptocurrencies in the red:Bitcoin (BTC): $83,771 (-1.6%), volume: $10.33BEthereum (ETH): $1,881.9 (-1.68%), volume: $4.21BXRP: $2.1279 (-4.9%), volume: $1.21BSolana (SOL): $126.634 (-4.27%), volume: $394.68MLitecoin (LTC): $86.38 (-2.49%), volume: $21.35MDogecoin (DOGE): $0.1750 (-3.96%), volume: $66.32MCardano (ADA): $0.6856 (-2.25%), volume: $44.18MThe broader market index CoinDesk 20 fell by 5.7% during yesterdays rout, with the global market capitalization now sitting at approximately $2.83 trillion.Crypto Market Bleeds $115 Billion: Bitcoin Below $84K as Fear Grips Investors.
(Photo Internet reproduction)Bitcoin AnalysisBitcoin, which was trading near $88,000 just two days ago, tumbled to $83,800 on Friday, representing a 3.8% decline over 24 hours.This mornings price of $83,771 indicates that BTC has struggled to recover from yesterdays sell-off.The technical sentiment for Bitcoin remains bearish, with 78% of indicators showing a negative prediction as of yesterday.Bitcoins failure to maintain momentum above $87,000 after reaching an intraday high of $87,676 triggered a cascade of selling.Bitcoin is now trading approximately 23% below its all-time high of $109,114 reached on January 20, 2025, and has fallen below its 50-day moving average of approximately $89,777.ETF FlowsA significant development has emerged in the Bitcoin ETF space.
After seeing positive inflows earlier in the week, Bitcoin spot ETFs experienced a substantial outflow of $93.157 million on March 28.The entire outflow came from the Fidelity Bitcoin ETF (FBTC), which is particularly notable since FBTC had recorded an inflow of $97.1 million just a day earlier.Despite this recent outflow, the historical total net inflow for FBTC stands at $11.469 billion, and the total net asset value of all Bitcoin spot ETFs remains robust at $94.388 billion.Ethereum ETFs continue to struggle, failing to attract any net inflows since early March, highlighting the diverging investor sentiment between the two leading cryptocurrencies.Altcoin PerformanceEthereum was particularly hard hit during yesterdays selloff, dropping over 6% and extending its downtrend against BTC.ETH fell to its weakest relative price compared to Bitcoin since May 2020, and this morning trades at $1,881.9, well below the psychologically important $2,000 level.Solana faced considerable headwinds, dropping below $140 and continuing its decline to the current $126.634 (-4.27%).SOLs technical picture looks concerning after forming a death cross pattern when the 50-day and 200-day moving averages crossed, a widely watched bearish signal.Notable PerformancesWorst PerformersMANA: $0.2492 (-6.98%)GALA: $0.01581 (-6.78%)AXS: $2.997 (-5.99%)THETA: $0.8634 (-5.68%)SUSHI: $0.6083 (-5.06%)Best PerformersTRX: $0.2339 (+1.74%)AAVE: $179.18 (+1.93%)While not reflected in todays prices, yesterday saw Toncoin (TON) bucking the bearish trend with a 5% gain.Market FactorsSeveral key factors are driving the current market decline:The drop coincided with a sell-off in U.S.
stocks due to disappointing economic data.The February PCE inflation report showed a 2.5% year-over-year increase in the price index, with core inflation at 2.8%, slightly above expectations.The Federal Reserve of Atlantas GDPNow model now projects the U.S.
economy to contract 2.8% in the first quarter, spurring stagflationary fears.Market anxiety is compounded by the upcoming Liberation Day tariffs scheduled for April 2.On-chain data revealed over 100 transactions exceeding 1,000 BTC moved to exchanges yesterday, suggesting significant institutional selling pressure.Market sentiment remains cautious, with the overall Fear - Greed Index standing at 33 (Fear).
This indicates investors are currently hesitant about the cryptocurrency market.Technical OutlookTechnical indicators suggest more downside potential may exist.
Bitcoins RSI was approaching 72 yesterday, indicating overbought conditions that likely contributed to the correction.Ethereums technical situation appears more concerning, with its price now well below both its 50-day ($2,325) and 200-day ($2,864) moving averages.The ETH/BTC ratio has fallen to its lowest point since 2020, indicating a shift in investor preference toward Bitcoin over riskier altcoins.On-chain metrics show Bitcoin active addresses increased by 5% to 1.1 million on March 27, suggesting growing network engagement despite price declines, while Ethereum active addresses decreased by 3% to 500,000, correlating with its price weakness.The market will be closely watching support levels around $80,000 for Bitcoin in the coming days, with further downside potentially testing the $70-75K range if current bearish momentum continues.Crypto Market Bleeds $115 Billion: Bitcoin Below $84K as Fear Grips Investors March 29