출처: Block Media
Digital Asset Market Under Pressure as Bitcoin Tests Critical Support Levels
The global digital asset market is experiencing broad downward pressure, with cautious sentiment prevailing ahead of New York market opening on October 14. CoinMarketCap reported a 3.86% decline in global cryptocurrency market capitalization, bringing the total down to $3.74 trillion (approximately 5,360 trillion won). Meanwhile, the Fear and Greed Index fell to 42, edging closer to the “Fear” zone from its previous “Neutral” state, signaling heightened investor unease.
Bitcoin (BTC) Struggles to Hold Key Levels Amid Selling Pressure
Bitcoin (BTC) has seen a sharp decline, falling 4.17% in the past 24 hours to $110,724 and posting an 11.16% drop over the last week. This comes in the wake of last week’s “Great Reset,” a significant liquidation event attributed to President Trump’s tariff announcement, which led to approximately $20 billion in liquidations across the crypto derivatives market. Despite attempts to recover, Bitcoin remains stuck in a sideways trading pattern within the low $110,000 range, unable to maintain upward momentum.
Since October 11, Bitcoin has slid nearly 9%, finding tentative support near the Fibonacci 0.236 level around $111,000. Analysts warn that if BTC fails to reclaim the critical $115,000 level soon, additional selling pressure could drive the price lower. Sean Young, Chief Analyst at MEXC Research, commented, “While the liquidation event acted as a cleansing mechanism for excessive leverage, Bitcoin must defend $110,000 to maintain its chance of testing $126,000 in the coming weeks.”
Promising Signs From On-Chain Metrics
Despite Bitcoin’s current struggles, on-chain metrics reveal glimpses of potential recovery. CryptoQuant reports that the Net Unrealized Profit/Loss (NUPL) metric has dropped to 0.50, its lowest level since April, indicating reduced speculative froth in the market. Long-term holders have eased their selling pressure, as net position changes improved from -24,506 BTC to -21,172 BTC, reflecting a moderation in bearish sentiment.
However, technical indicators suggest that Bitcoin remains in a bearish structure. For a decisive bullish reversal, BTC would need to close above $125,800 on the daily chart. On the downside, failure to defend the $111,100 support level could expose Bitcoin to additional risks, potentially leading prices to test the $104,500–$102,000 range.
Altcoins Continue to Bear Heavy Losses
While Bitcoin grapples with key levels, altcoins are experiencing steeper declines. Ethereum (ETH) dropped 5.38% in the last 24 hours, breaking below the psychologically significant $4,000 support level to trade at $3,952, and suffering over 16% losses across the week. Binance Coin (BNB) endured double-digit losses, trading at $1,166, highlighting market-wide bearish sentiment.
Other popular cryptocurrencies like Solana (SOL) and XRP (XRP) saw price declines to $194 and $2.43, respectively, marking weekly losses of 15% and 18%. Meme coins such as Dogecoin (DOGE) and Tron (TRX) reflected even sharper risk aversion, each dropping over 20% over the past week.
Additionally, CoinMarketCap’s Altcoin Season Index fell to 36, its lowest level since August, indicating a significant reduction in investor interest in altcoins. Even amid market expectations for ETF approvals, subdued capital inflows have reinforced bearish sentiment across the altcoin sector.
Prospects for Market Stabilization
Despite the continued selling pressure, market analysts suggest that the recent sharp declines have served to liquidate excessive leveraged positions. This may signal a potential stabilization phase in the medium to long term as the market resets and recalibrates. In the short term, however, Bitcoin's ability to defend the $110,000 support zone while striving to breach the $120,000 resistance level will likely dictate the overall trajectory of the cryptocurrency market.
As investors monitor these critical price levels closely, broader market sentiment remains cautious. While technical signals highlight near-term risks, long-term growth narratives offer hope for eventual stabilization and recovery within the digital asset space.
