The cryptocurrency market turned lower on Friday as declines in Bitcoin and Ethereum dragged the broader sector into the red, with both assets struggling to hold key psychological levels.
According to data from CoinMarketCap, Bitcoin traded around $68,084 at press time after falling 4.03% in the past 24 hours, while Ethereum dropped 4.48% to $1,983.
The declines weighed on the wider market, with most major cryptocurrencies posting losses during the same period.
Among other large-cap assets, BNB fell 2.98%, XRP declined 3.63%, and Solana slipped 4.08%, highlighting the broad nature of the market downturn.
Bitcoin fails to reclaim $70K resistance
Technical indicators suggest Bitcoin’s latest pullback follows a failed attempt to reclaim the $70,000 resistance level.
The daily chart shows BTC testing the $70K area during the recent rebound before facing rejection. This level has emerged as a key short-term resistance after Bitcoin’s sharp correction in February.
Following that decline, BTC has been trading largely within the $65K–$70K range, indicating a consolidation phase rather than a full recovery.
Momentum indicators also reflect cautious sentiment. Bitcoin’s Relative Strength Index [RSI] sits near 46, below the neutral 50 level, suggesting that buying momentum remains limited despite the earlier rebound from oversold conditions.
If selling pressure intensifies, analysts may look toward the $65K region as the next support zone.
Ethereum struggles to hold the $2K psychological level
Ethereum mirrored Bitcoin’s weakness, sliding below the $2,000 psychological threshold amid increased bearish pressure across the market.
ETH traded around $1,984 at the time of writing after falling 4.27% over the past 24 hours, according to TradingView data.
The chart shows Ethereum failing multiple attempts to reclaim the $2K level in recent sessions, signaling that the area has become a key resistance point.
Ethereum’s RSI currently sits near 44, slightly weaker than Bitcoin’s momentum reading. The indicator remains below the neutral midpoint, reflecting ongoing caution among traders.
After February’s sharp drop, Ethereum has been moving within a relatively narrow range between $1,800 and $2,100, suggesting that the market is still searching for direction.
Broader crypto market follows BTC and ETH lower
Because Bitcoin and Ethereum account for the majority of the total crypto market capitalization, their movements often set the tone for the broader market.
The latest decline triggered losses across several top cryptocurrencies, reinforcing the idea that the current pullback is a market-wide trend rather than an isolated move.
While the broader market attempted to stabilize earlier this month after February’s sell-off, the latest price action suggests that momentum remains fragile, particularly as key resistance levels continue to hold.
For now, traders are closely watching whether Bitcoin can defend the mid-$60K support zone and whether Ethereum can regain the $2K level to restore bullish momentum.
Final Summary
- Bitcoin’s rejection near $70K and Ethereum’s drop below $2K have reinforced bearish pressure across the broader crypto market.
- Momentum indicators suggest the market remains in a consolidation phase following February’s sharp correction.
