Analysts believe that steady inflows into Bitcoin-linked investment products signal underlying demand, suggesting corrections may attract long-term capital despite near-term volatility
Cryptocurrency markets remained under pressure on Friday as weak global risk sentiment weighed on investor mood amid geopolitical uncertainties linked to the West Asia crisis. The flagship digital asset, Bitcoin, slipped close to the $68,000 mark, while Ethereum continued to face selling pressure and dropped below $2,100.
Other major altcoins also traded lower during the session. BNB, XRP, Solana, TRON, Dogecoin, Hyperliquid, Bitcoin Cash, Cardano, Monero, and Dai declined by up to 5 per cent.
The crypto market, analysts said, remains in a fragile equilibrium. However, they believe that steady inflows into Bitcoin-linked investment products signal underlying demand, suggesting corrections may attract long-term capital despite near-term volatilit
“The crypto market is in a fragile equilibrium, with macro cues driving short-term price action more than internal fundamentals. Temporary easing in geopolitical tensions offered a brief lift, but inflation concerns, elevated oil prices, and weak global risk sentiment continue to cap upside,” said Riya Sehgal, research analyst at Delta Exchange.
Bitcoin likley to retest $67,500
Amid this backdrop, Bitcoin was trading 3.15 per cent lower at $68,568, with a 24-hour trading volume of $39.75 billion. The asset moved within a range of $68,118–$70,755 over the past 24 hours, according to CoinMarketCap data. Its market capitalisation stood at $1.37 trillion, retaining its position as the largest cryptocurrency.
Bitcoin is consolidating near the $69,000 level following reports that Iran rejected a US proposal to end the conflict, adding to market uncertainty, said Akshat Siddhant, lead quant analyst at Mudrex.
“Despite steady institutional accumulation helping absorb selling pressure, overall sentiment remains cautious. For the recovery to sustain, bulls must step in to reclaim and hold above the $70,000 level,” he added.
From a technical perspective, Bitcoin remains under pressure on lower timeframes and is struggling to sustain above $70,000 after repeated rejections near $72,000.
If buying momentum remains weak, Bitcoin could retest the $67,500 support level. A breakdown below this may trigger further liquidations and increase short-term volatility.
Sehgal said the structure currently indicates range-bound to bearish price action, with rallies likely to face selling pressure unless a strong breakout alters momentum.
Ethereum shows relative weakness
Ethereum, meanwhile, continues to show relative weakness in both price and momentum. While long-term fundamentals remain supported by higher staking and lower exchange supply, near-term sentiment is being impacted by weak network activity and cautious institutional flows.
At the last count, Ethereum was down 3.58 per cent at $2,063, with a 24-hour trading volume of $18.31 billion. The token traded in a range of $2,033–$2,149 during the period.
According to Sehgal, the $2,200 level remains crucial for a recovery in Ethereum, while a break below $2,000 could extend the downside.
