Bitcoin (BTC) continues to face significant downward pressure, sliding below the $62,000 mark on Thursday as the asset extends its losses for the third straight day this week. The latest market data places Bitcoin at $62,245, down from its previous close of $63,297, marking a decline of 1.66%. Ongoing tensions between the US and Iran have significantly dampened market sentiment, forcing investors to adopt a defensive, risk-off stance that typically negatively impacts volatile assets like cryptocurrencies.
Indicators of Market Sentiment
The broader market mood is clearly reflected in the Crypto Fear and Greed Index from CoinMarketCap, which now sits at 26, falling from the 29 recorded earlier on Monday. This shift highlights a deepening reluctance among participants to engage with high-risk trades. From a technical perspective, the Relative Strength Index (RSI) is currently tracking at 46. While the price remains within the Bollinger bands near the mid-point of $61,837, the structural overhead resistance remains substantial, with the 50-day EMA at $65,495 and the 200-day EMA at $76,506 acting as firm ceilings. The long-term trend remains bearish, exacerbated by the presence of a death cross in the moving averages.
Performance of Altcoins
Jupiter (JUP) and Pi Network (PI) have emerged as some of the most significant underperformers over the last 24-hour window. For Jupiter, the 50-day EMA at $0.2070 serves as a critical support zone that is currently being tested. Pi Network is hovering closer to the $0.1000 threshold. Technical indicators for the PI token are notably weak, with a negative histogram and an RSI at 21, signalling that the asset is deep in oversold territory. Despite this, downside momentum remains the dominant force in the immediate term.
Broader Sector Context
The weakness is not limited to these tokens. Ripple (XRP) has been trading under consistent selling pressure, remaining below $1.10 as of Wednesday, marking four consecutive days of decline. Solana (SOL) has also retreated, recording a 3% drop as institutional inflows show signs of cooling. Meanwhile, Hyperliquid (HYPE) has slipped under $70, struggling against the broader market sentiment despite isolated instances of institutional buying. Market participants are now closely watching the $60,000 level as a potential floor where dip-buying could eventually stabilize the current downtrend.
