Bitcoin hovers around the critical $90,000 level, ZEC plummets 10% due to the departure of the development team.

Source: BlockMedia Original Title: [New York Coin Market/Closing] Bitcoin at $90,000 Fluctuates; Zcash Plunges 10% as Development Team Leaves, Market Shock Original Link:

Bitcoin Hovers at $90,000 Key Level… Market Falls into Wait-and-See Phase

According to CoinMarketCap data, Bitcoin(BTC) increased by 0.17% compared to the previous day, with a trading price of $90,984. The price repeatedly fluctuated around the $90,000 mark without forming a clear trend. Market analysis suggests that if Bitcoin cannot stabilize above $90,000, based on the CME futures gap theory, the correction space could open up to the $88,000 range. Bitcoin’s dominance remains at 58.3%, indicating that funds are still concentrated in large assets.

Major altcoins show mixed performance. Ethereum(ETH) fell 0.92% to $3,114, entering a short-term correction phase. Conversely, Solana(SOL) rose 2.09% to $137.96, showing relatively strong performance. Dogecoin(DOGE) increased by 3.33%, indicating a recovery in investor sentiment, with a weekly gain of 13.93%. Ripple(XRP) declined 2.36%, and TRON(TRX) also fell 1.17%, showing weak performance.

ZEC Plummets 10% Due to Complete Departure of Development Team… Structural Risks Highlighted

Among them, Zcash(ZEC) moved counter to the overall market trend, dropping sharply. It fell 10.24% within 24 hours, with a trading price of $428.46, making it the biggest loser among major altcoins. The weekly decline reached 18.20%. This downward trend is interpreted as the impact of the core development team’s complete departure.

The overall market correction is seen as the result of multiple factors: profit-taking pressure after the early-year rally, slowing inflow of funds into Bitcoin spot ETFs, and weakening rate cut expectations. A report states, “At the end of last year, ETF saw large-scale fund outflows, but the outflow momentum has eased this month, market positions have been significantly adjusted, and derivatives markets are showing signs of stability.”

Technical indicators also suggest a cautious stance. Bitcoin’s Relative Strength Index(RSI) is at 47.9, in the neutral zone, with short-term moving averages not fully eliminating downside pressure. The 89,200 USD level, near the 50-day moving average, is viewed as a key support level, which may be tested again during short-term corrections.

In the derivatives market, Bitcoin open interest approaches 700,000 BTC, reaching a 3-week high. The funding rate remains at a positive 0.09%, indicating ongoing demand for low-priced buying. However, with leverage ratios increasing, a price decline could trigger long position liquidations, warranting cautious monitoring.

Bitcoin’s $89,000 Support Becomes a Key Level

Market experts point out that during periods of increased leverage, breaking key support levels could lead to sharp volatility. An OTC manager stated, “After the early-year rally, the failure to break through the critical resistance at $95,000 caused supply and demand to disperse, and adjustments in ETF fund flows and interest rate expectations influenced the short-term direction.”

Another trader noted, “Bitcoin is testing the 21-day moving average at $88,900, and defending this level is crucial. Liquidity adjustments are a natural trend,” but added, “Whether this range can be defended will determine if the upward trend can resume.”

Meanwhile, the Fear & Greed Index, representing investor sentiment, recorded a level of 43, indicating a “neutral” stance.