The crypto market is currently in a difficult state, with ETH, SOL, and XRP all expanding their losses over the past week. Bitcoin is stuck around $66,480, down nearly 5% over 7 days, while altcoins are performing much worse. Ethereum has decreased by 3.56% this week, Solana has lost 11.1%, and XRP is also in the red with a decline of 5.14%. The sentiment in the community now can only be described as meme speechless — everyone is waiting for a positive signal but only seeing continuous selling pressure.

What is happening? According to CryptoQuant, selling pressure on altcoins has reached its highest level in 5 years. This indicates that holders are actively distributing into a market where buyers are still very scarce. This kind of structural selling does not create strong liquidations that attract bottom buyers, but rather a slow, painful bleed flow.

But the deeper reason is not from crypto itself. A recent report from Citrini Research has flagged an emerging "AI fear trade" in the stock market. Investors are reassessing which companies will benefit from AI and which will be replaced. This broad risk adjustment tends to spill over into crypto with a delay. Currently, both stocks and crypto are heading in the same direction — downward.

From a technical perspective, FxPro’s chief market analyst, Alex Kuptsikevich, says that Bitcoin’s recent recovery attempt looks more like a sideways consolidation rather than a true reversal. He points out a bearish flag pattern forming on the daily chart. If Bitcoin falls below $65,000, it will confirm a continuation of the decline. Conversely, a move above $70,000 could invalidate this pattern.

The range of $60,000 to $70,000 currently holds historical significance — it was the ceiling for the entire 2021 cycle and now serves as a battleground between long-term accumulators and new holders cutting losses. The longer trading remains within this range without reclaiming higher levels, the more the technical picture tilts bearish. Bitcoin is currently 48% below its all-time high from last October.

In summary, the market is waiting for a strong liquidation mechanism to attract bottom buyers or a positive signal from the broader market. Until then, meme speechless remains the community’s mental state.