These days, the cryptocurrency market is really frustrating, with major coins continuing to show weakness. Bitcoin is moving around the 81K mark, but just last month, it dropped to the 62K range. Ethereum is also around 2.3K, and SOL has recently improved somewhat, but volatility remains high. The selling pressure on altcoins is really intense, and according to CryptoQuant data, the highest level of selling pressure in five years is being detected. It seems that holders are actively distributing in markets outside of large-cap cryptocurrencies.

What's interesting is that this bearish trend is progressing slowly without extreme liquidations. Technical analysts are pointing out a bearish pennant pattern forming in Bitcoin. If it drops below the mid-65K level, further decline is confirmed, and if it breaks above 70K, this pattern is considered invalid. The range between 60K and 70K, formed since last month, is a key resistance/support zone, and the market is stuck within this range.
However, it doesn't seem to be an issue unique to the crypto market. As AI-driven panic trading spreads in the stock market, a broad risk-averse sentiment has emerged. Concerns that artificial intelligence could cause economic disruption across various industries have triggered tech stock sell-offs, which are also impacting the cryptocurrency market. The liquidity and positioning in both markets are pointing in the same direction.
Recently, institutional players are also making moves. One company bought about 535 Bitcoin last week for approximately $81k, bringing their total investment to around $61.8 billion. The average purchase price per coin is roughly 75.5K. While institutional demand exists, overall market sentiment still shows growing concerns about further weakness.