Bitcoin Treading Water Below $90,000 as Major Altcoins Fall in Tandem

As Bitcoin faces resistance near $90,000, major cryptocurrencies like Ethereum, Solana, and Cardano are all experiencing downward trends. As of mid-March 2026, BTC is trading around $70,500 (24h +3.82%, 7d -6.35%), significantly retreating from last month’s highs. Continued forced liquidations are exerting selling pressure, dampening market momentum.

Liquidation Pressure Prevents Reaching $90,000

The inability of Bitcoin to break through the psychological barrier of $90,000 is largely due to excessive leverage among market participants. During last week’s sharp decline, over $1 billion in forced liquidations occurred, and selling pressure from liquidations has persisted. This pressure suppresses Bitcoin’s rebound and causes indecisiveness in its direction.

Despite Asian markets reaching record highs and the US dollar remaining weak, cryptocurrencies have not shown independent upward movement. Although macroeconomic conditions are relatively favorable, cautious investor sentiment is limiting buying interest in digital assets.

Broad Decline in Major Altcoins like ETH, SOL, ADA

While the entire crypto market is weakening, major coins are experiencing notable declines. Ethereum is around $2,140 (24h +4.26%, 7d -9.54%), Solana at $90.48 (24h +4.84%, 7d -5.62%), Cardano at $0.26 (24h +3.09%, 7d -10.63%), and XRP at $1.41 (24h +2.17%, 7d -10.18%). Most large-cap tokens have recorded double-digit percentage drops over the past week.

Dogecoin has fallen to $0.09 (24h +2.81%, 7d -9.58%), indicating widespread selling pressure among top market cap assets.

Weakness Despite Dollar Weakness and Asian Stock Strength

Typically, a weaker dollar benefits cryptocurrencies, but the current market environment shows this relationship is not fully functioning. While the dollar remains soft, the MSCI Asia-Pacific Index has hit new highs, and emerging market stocks are performing well. US stock futures are also slightly higher ahead of the New York open.

However, cryptocurrencies are losing their independent upward momentum and are not participating in the broader risk-on environment. This divergence suggests that digital assets are becoming less sensitive to macroeconomic changes than before.

Cryptocurrencies as Volatility Instruments, Market Sentiment Worsens

Market participants now view cryptocurrencies less as safe-haven assets and more as high-volatility risk assets. Wenny Cai, CRO of Synfutures, commented, “Cryptocurrencies still act as amplifiers of volatility.” Even after forced liquidations and leverage unwinding, investor sentiment remains lackluster.

This attitude reflects a reaction more to fluctuations in the dollar, bonds, and equities than to crypto-specific trends. Investors are positioning cryptocurrencies not as an independent asset class but as a high-beta extension of global risk appetite.

Policy and Regulatory Uncertainty Weighs on Investor Sentiment

Wenny Cai points out that the main reasons for the current market stagnation are “uncertainties around policies, funding costs, and regulations.” While forced liquidations have cleared excessive leverage, investors are waiting for clearer policy signals and stabilization of funding conditions before actively building new positions.

As a result, cryptocurrencies are likely to remain in a holding pattern. Investors are monitoring signals from equities, monetary policy, and funding conditions while watching the $90,000 range for potential breakout or further decline.

Next Focus: Oil Prices and Strait of Hormuz Situation

The future direction of Bitcoin will depend on global geopolitical factors and commodity markets. In particular, oil price movements and the stability of shipping through the Strait of Hormuz are key indicators.

Both scenarios are being considered: one where Bitcoin tests the $74,000–$76,000 range again, and another where it drops further to the mid-$60,000s. With gold supported near $5,000 per ounce, how cryptocurrencies position themselves amid this broad macro environment could be the next major turning point.