Crypto market recap: Bitcoin falls below $69,000

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Highlights

Crypto market cap fell to $2.36 trillion, with sentiment weakening as Fear & Greed Index dropped to 27
BTC trades near $68,689, with weekly losses across major assets signaling broad correction
Key support zones form near BTC $68,000 and SOL $85 as market enters consolidation phase

BTC is trading around $68,689, losing more than 7% over the week, with a market capitalization of about $1.37 trillion, reflecting selling pressure after the recent rally. Ethereum stands near $2,065, down nearly 9% over the week, reinforcing the overall negative sentiment. XRP is trading around $1.39, down about 5–6% over the week, while BNB is near $630, declining almost 8% over seven days.

Solana is holding around $87, also down more than 7% over the week, reflecting the broader weakness across altcoins. The market is showing a classic correction phase after growth, accompanied by declining liquidity and profit-taking.

Signals from Saylor and institutions support long-term demand

Despite the short-term decline, institutional interest in BTC remains, partially limiting the depth of the pullback. Michael Saylor, head of Strategy, has again signaled a potential new BTC purchase, continuing the strategy of accumulating during dips. Such statements are traditionally viewed by the market as indicators of future demand, as Strategy remains the largest corporate holder of BTC.

Additionally, major exchanges continue to expand crypto products, including derivatives and options, increasing institutional access to the market. The easing of restrictions on crypto options trading by traditional platforms also signals gradual integration of crypto assets into the financial system. As a result, the market retains fundamental support despite the current price correction.

BTC loses correlation with gold and strengthens its own dynamics

Another factor is the changing behavior of BTC relative to traditional assets, including gold. Analysts note that BTC is increasingly moving independently, with its correlation to gold remaining unstable or close to zero, reinforcing its unique role in investor portfolios.

At the same time, retail investors continue reacting to short-term fluctuations, increasing market volatility. Central banks, meanwhile, remain largely absent from the crypto market, creating a gap between institutional and retail demand. This divergence leads to sharper price movements, especially during periods of uncertainty. Overall, the market remains sensitive to macro factors and news, but is gradually forming its own supply and demand structure.

BTC, XRP, SOL and BNB: key levels after the correction

BTC is currently holding within the $68,000–69,000 range, forming an important support zone, and a breakdown could increase market pressure. XRP is trading around $1.35–1.40, showing weakness after recent gains and entering a consolidation phase. Solana is holding within the $85–88 range, remaining sensitive to overall market sentiment.

BNB is trading around $630, showing a decline but maintaining key support levels. Daily BTC trading volume stands at around $28 billion, lower than recent levels, indicating reduced market activity. Overall, the market remains under pressure, but the presence of institutional demand may limit further downside and create a foundation for recovery.

Recently we wrote that the current Bitcoin drawdown can be explained by the classic four-year cycle. This is the view of Anthony Scaramucci, head of SkyBridge Capital.

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