Crypto market recap: Bitcoin slips to $66,600 as market fear deepens

Traders Union
All News
Crypto
Crypto market recap

Highlights

BTC is holding near $66,595, while ETH is near $2,054, and 24-hour performance for both assets is close to flat.
The Fear and Greed Index is 9. It stood at 12 a day earlier, showing that market sentiment is worsening.
Large holders have reduced their balances by 188,000 BTC over the past year, adding to long term pressure on price.

At the time of writing, Bitcoin was trading at around $66,595 and was nearly unchanged over the past 24 hours, while Ethereum held near $2,054 with almost flat daily performance. But the apparent calm in spot prices masks a much weaker picture over recent sessions: the market is still digesting a sharp pullback from recent highs.

Pressure on BTC intensified after a failed recovery attempt

According to market data, after rising to $68,800, Bitcoin failed to consolidate and quickly moved lower. During the decline, the price dropped to $66,500 before entering a consolidation phase below $67,000. Based on the technical setup, the nearest resistance is in the $67,000 range.

For investors, this matters not only as a short term technical signal. Bitcoin weakness has coincided with a deterioration in on-chain data tied to large holders, making the current drop look less like a random intraday move and more like a continuation of a broader distribution phase.

Large holders are selling as the market turns defensive

According to CryptoQuant, the annual change in holdings among Bitcoin wallets with balances from 1000 to 10000 BTC has turned negative by 188,000 BTC. Analysts describe this trend as structural rather than temporary: the 365-day trend is declining and points to sustained selling pressure from major holders. An added risk is that part of the circulating supply, according to Glassnode estimates, still has a cost basis above $80,000, meaning it remains in unrealized loss territory.

Loading...

The tweet was deleted by the author.

But we saved everything 🙂.

Ethereum appears somewhat more resilient in terms of daily losses, but it is not generating an independent upward impulse for the broader market. As long as BTC remains below $67,000, ETH is also trading without a clear reversal pattern, and the wider market remains in wait-and-see mode.

A market caught between technical weakness and long term distrust

The main takeaway is that the crypto market is now facing two problems at once. On one side, Bitcoin remains below key levels after falling from $68,800 to $66,600. On the other, on-chain data suggests that selling pressure is coming not only from short term traders but also from large holders whose selling has already become prolonged.

That is why a Fear and Greed Index reading of 9 looks like more than an emotional reaction to volatility. It reflects deeper market caution. Unless BTC climbs back above $67,000 and large holder flows stabilize, room for a confident upside reversal remains limited.

We also reported that Bitcoin drops to $66,000 after Trump’s speech on Iran.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.