A Pause, Not a Reversal, for Crypto

Market Overview

The crypto market has taken a breather, falling by 3% over the past 24 hours to $2.86T, following a 15% rally since mid-September and a nearly 40% rise from its mid-August lows. External factors, ranging from a strengthening US dollar to a spike in bond yields and a decline in share prices, triggered a wave of selling in risk assets, leading to active profit-taking in cryptocurrencies. The support zone, which had been in place from November 2025 to February 2026, has now become a resistance level. External factors prevented the cryptocurrency market from quickly returning to the consolidation zone around $3.0T–$3.25T. Among the 40 most liquid coins, there were sharp declines ranging from -0.3% (Tron) to -10.5% (Official Trump, Uniswap), while only Litecoin is 5.5% higher than it was a day ago.

Bitcoin fell below $84K on Wednesday, selling off alongside other risky assets. As with the overall market capitalisation, the leading cryptocurrency encountered resistance near a previously significant support level. However, BTC failed to complete the Fibonacci extension pattern to 161.8% of the impulse that began in mid-August in a single move. Despite the pullback, the ongoing, unfinished nature of the uptrend suggests it may be a temporary pause on the way up. However, it is worth remembering that in 2021, Bitcoin lost over 50% from its peak before reaching new highs. Similarly, today, a decline to $70K may be painful for short-term speculators, but it does not undermine the bullish outlook.