Crypto Market Under Pressure: Bitcoin Falls Below $87,000, Ethereum and BNB Struggle with Technical Resistance

Bitcoin Approaches Critical Support Level

The Bitcoin price has fallen below $87,000, bringing it closer to a critical threshold ^[2]. According to current on-chain data, the so-called True Market Mean at $81,500 is now in focus. This metric represents the average entry price of all active market participants, excluding miners ^[2].

"This level functions like a psychological line," explained CryptoQuant analyst MorenoDV in an analysis ^[2]. Above this mark, the market typically moves stably. However, if it falls, the same area often becomes resistance, as investors use price increases to liquidate positions near their entry price.

Should Bitcoin fail to hold the $81,500 mark, the analyst anticipates a significant decline and subsequent search for deeper support zones ^[2]. A look at previous market phases underscores the importance of this price range: Between January 22 and May 5, 2022, Bitcoin traded above the True Market Mean. After the break in May, a further price loss of 61 percent followed, ending at around $15,500 in November of that year ^[2].

Large Wallet Movements Cause Uncertainty

Additionally, new movements by major market participants are causing uncertainty. According to on-chain service Lookonchain, two wallets connected to financial services provider Matrixport transferred a total of 4,000 Bitcoin worth approximately $347.6 million to the Binance crypto exchange ^[2]. Such inflows are frequently associated with selling activity.

Analyst 0xNobler explained that Matrixport has reduced approximately eighty percent of its crypto holdings over the past five days and has been continuously selling larger amounts of Bitcoin ^[2].

Despite the negative sentiment, the market showed brief recovery attempts. Data revealed erratic BTC price movements with 2.5 percent daily gains before a reversal ^[4]. "A great move upwards on $BTC and there are a lot of shorts ready to be taken out," crypto trader and analyst Michaël van de Poppe responded on X, describing the price movement as "great" ^[4]. The latest data from CoinGlass showed that crypto short liquidations exceeded $120 million in the four hours at the time of reporting ^[4].

Ethereum Faces Potential New Lows

Ethereum continues to be unable to break sustainably northward ^[1]. The temporary price increase last week was followed by another pullback to the lower Bollinger Band on the daily chart. Continued price weakness in the coming days could push the largest altcoin back toward previous monthly lows ^[1].

Binance Coin Struggles with Technical Hurdles

Binance Coin is also under pressure. On the daily chart, the BNB price has lost the 200 EMA to the downside in recent days, delivering a clear signal of technical weakness ^[3]. Currently, the price is barely managing to stabilize on the green support line. This level has high short-term relevance, as a loss of this zone would significantly increase the probability of an accelerated downward impulse ^[3].

To defuse the negative scenario, a timely breakout above the existing resistance zone would be required ^[3]. On the 4-hour chart, the BNB price continues to present itself in a sideways consolidation with overall low momentum. The RSI shows no bullish structure and continues to fail to establish itself above the 50-point mark. At the same time, the MACD has remained in negative momentum for some time and has shown no signs of a trend reversal thus far ^[3].

Overall, the market environment for major cryptocurrencies remains tense as long as Bitcoin cannot stabilize sustainably.