Crypto suffers worst week since July 2024 as bitcoin and ether near key levels
Bitcoin and ether are nearing critical support levels after the crypto market suffered its worst weekly decline since July 2024, with ether hitting its lowest since April 2025.
The crypto market is teetering on the brink of a major breakdown after suffering one of its worst weeks since July 2024. Bitcoin, currently trading around $62,500, has lost more than 14.5% since Monday, while ether has plunged by over 17%, dropping 5.5% on Friday alone. This selloff coincides with a broader risk-off sentiment driven by rising US Treasury yields and a strengthening DXY, which historically correlate with downward pressure on speculative assets like cryptocurrencies. Additionally, the post-halving period has seen miner break-even costs rise, forcing some miners to liquidate holdings, while exchange reserve drawdowns suggest accumulation by long-term holders but insufficient demand to absorb selling pressure.
Ether, the second-largest cryptocurrency, is now at its lowest level since April 2025, when it bounced at $1,420 before rallying to record highs. A break below that level would bring it toward 2022 bear-market levels, when it dipped below $900. The broader altcoin market also suffered deep losses this week, with some of the worst performers declining sharply. Bitcoin dominance has risen above 58%, indicating that capital is rotating out of altcoins into bitcoin as a perceived safe haven within crypto, but even bitcoin is struggling to hold key support. On-chain data shows whale concentration increasing, suggesting that large holders are accumulating during the dip, but retail and institutional flows via ETFs remain mixed, with net outflows recorded in recent days.
The key question for traders is whether bitcoin and ether can hold their current support levels. A breakdown below $60,000 for bitcoin and $1,420 for ether could trigger further selling pressure, potentially leading to a retest of 2022 lows. On the other hand, a bounce from these levels could signal a relief rally. Traders should monitor upcoming macroeconomic data, such as US CPI and Fed commentary, along with ETF flow dynamics and on-chain metrics like miner reserves and exchange balances for clues on market direction. A sustained move above $65,000 for bitcoin would be needed to regain bullish momentum, while ether must reclaim $1,600 to stabilize.