The crypto market is closing the workweek in the red. Bitcoin, Ethereum, and other major top 10 coins are posting losses today, while analysts outline varying scenarios for the near future. Despite the negative end to the week, there are minor attempts at a short-term recovery.
Market Outlook: A Red Close to the Workweek #
The overall crypto market is down 2% today, marking a negative end to the workweek. Most of the top 10 cryptocurrencies are also in the red. Bitcoin has fallen by 2% in the last 24 hours to $91,000.
Until this morning, the price managed to hold the $92,000 level, but it slowly declined throughout the afternoon. However, at the time of writing, Bitcoin is showing a small uptick, having risen by 0.5% in the past hour. It remains to be seen how the price will develop in the coming hours.
Analysts have noted that Bitcoin’s price continues to hover around the same current level. Dutch analyst Michaël van de Poppe also addressed this in an X post:
#Bitcoin keeps hanging on the same price levels.
Direction is still unclear; if we lose this level, we might retest anywhere in the $85K ballpark for a final sweep and some sort of double bottom pattern.
I still think that we’re done with this entire correction and are forming…
The analyst states that Bitcoin is currently lingering around the same price level and the future direction is still unclear. According to him, if the current level is lost, the price could potentially fall back to around $85,000 for a so-called “final sweep” and the formation of a double bottom.
At the same time, he indicates he believes the correction phase is over and that a bottom is being formed before Bitcoin begins another upward move toward a new all-time high. If the $91,500 level holds as support, the analyst expects Bitcoin could potentially test $100,000 in the coming week.
The number two cryptocurrency, Ethereum, also had to give up some ground today. The coin is trading at $3,130 after a 2.7% decline in the past 24 hours. But like Bitcoin, Ethereum has risen sharply by 1% in the last hour.
Today, crypto executive Tom Lee made a notable statement about Ethereum. The former CEO of Bitmine, the largest corporate Ethereum holder, named a price target of $62,000 for Ethereum during a presentation at Blockchain Week in Dubai.
Analyst Ali Martinez reacted to Lee’s prediction: he does not rule out the $62,000 target but sees a long way to go. According to Martinez, the price must first break above $4,800 before it can look towards the next targets of $6,800 and $8,800.
$62,000 $ETH!??
It could be… But first, Ethereum needs to break $4,800. And even then, the next key targets are $6,800 and $8,800.
XRP is seeing a similar price development today. After a 2.1% decline, the price is currently at $2.09, but there has been an increase of 1.3% in the last hour.
Today’s Top Gainers from the Top 100 #
There were few gainers today, but one coin in particular managed to post a notable increase:
| Name | Gain (24h) | Price |
|---|---|---|
| Zcash | 10% | $385 |
| Figure Heloc | 3.7% | $1.04 |
| Tron | 1.5% | $0.286 |
| Tether Gold | 1.0% | $4,250 |
| PAX Gold | 0.9% | $4,253 |
Today’s Top Losers from the Top 100 #
Among today’s biggest losers is a familiar name: Hyperliquid. The coin had to give up 7.7%.
| Name | Loss (24h) | Price |
|---|---|---|
| Pump.fun | 7.7% | $0.002968 |
| Hyperliquid | 7.7% | $31.85 |
| Aptos | 7.4% | $1.84 |
| Avalanche | 6.4% | $13.80 |
| Canton | 6.4% | $0.068 |