Today was all about pressure and panic.
The total cryptocurrency market has declined by another 2-3%, fluctuating around $2.93-3.15 trillion, with selling spread across most major sectors. Bitcoin dropped by about 3-4% to around $86.3 thousand, while Ethereum suffered greater damage, falling below the key level of $2,900 for the first time in weeks.
$BTC is now stuck in a tight range between $85.6k - $86.5k after losing $90k yesterday. This area is important. Holding it keeps the movement corrective, but a clean break opens the door towards $83k - $85k.
$ETH looks weaker on the surface, trading around $2,900–$2,960, re-testing mid-2024 levels while broader capitulation processes evolve. DePIN tokens have faced the harshest blow, with names like Filecoin and Render sharply sliding as risk-averse behavior accelerates.
On the whole, China continues to tighten pressure on local Bitcoin mining. Reports indicate that around 400k mining machines are offline, contributing to an estimated 8% decline in the hash rate on the network - a reminder that regulatory shocks are still significant.
What is interesting is the behavior beneath the surface. Panic among traders is rising rapidly, as liquidations approach $637M, while whales are quietly rotating. Some large BTC holders are reducing their exposure, but at the same time, large purchases of ETH are showing up - including accumulation worth $120M on Binance at lower prices.
Fear and greed have dropped to the extreme fear zone (11–16), which has historically been the area where emotional selling peaks.
Despite the pain, long-term narratives have not changed. Major analysts still see new ATHs for BTC in the first half of 2026, driven by liquidity cycles, easing, and improved regulatory clarity.
For now, $86k is the line in the sand.
Below it, volatility is increasing.
Above $90k, the tone changes once again.
This seems less like the end - and more like another test before the next phase.
