Bitcoin (BTC) is under intense pressure as bears push the price below the critical $74,508 mark. Recent attempts by BTC bulls to initiate a recovery failed, with the price dropping below $72,169. Galaxy Digital's research lead, Alex Thorn, highlighted a potential plunge to BTC's realized price of $56,000 in the coming weeks due to a lack of positive catalysts. However, not all analysts share this bearish outlook; Bitwise's Matt Hougan believes the crypto markets could rebound sooner than expected.

The report noted that historical patterns suggest BTC may take time to recover, having previously remained below the 100-week simple moving average (SMA) for extended periods. If BTC continues to slide below $72,945, it may signal a stronger downtrend, potentially falling to $60,000.

MORE FROM COINTIMES

Tether's Market Cap Decline Signals Risk for Crypto Recovery

Tether's ongoing market cap decline signals potential risks for the broader crypto market recovery, as liquidity pressures mount.

Ethereum (ETH) is also struggling, with prices hovering around the crucial $2,111 level. If sellers manage to push ETH below this support, a drop to $1,750 could follow. Meanwhile, BNB is trading under $790, facing a risk of falling below $730, which would indicate a bearish trend.

Altcoins like XRP, Solana (SOL), and Dogecoin (DOGE) are also experiencing challenges, with bearish pressures evident across the board. If these cryptocurrencies can’t hold their support levels, further declines are likely.

In summary, the crypto market is currently fraught with selling pressure as Bitcoin and major altcoins struggle to maintain critical support levels. Traders should remain cautious as the potential for further declines looms large.