The recent cryptocurrency market has been consistently bearish, so I’ve summarized the chart movements I’ve observed. BTC has dropped about 7-8% over the past week, and major altcoins like ETH, XRP, and SOL have fallen even more, between 8-11%. What’s especially noticeable is that BTC is fluctuating between $60k and $70k, unable to establish a clear direction.

What’s more concerning is that the selling pressure in the altcoin market is at its highest in five years. As large capital exits, retail investors are hesitant to buy, leading to a gradual decline in prices. It’s not a sharp crash but rather a quiet, boring downward trend.

From a technical perspective, I see a bearish pennant pattern forming on the BTC chart. If the price drops below $65,000, there’s a high chance it will fall further, whereas breaking above $70k would invalidate this pattern. This range is historically significant, so which way it breaks is a crucial situation.

But it doesn’t seem to be just a cryptocurrency issue. Recently, fear of AI in the stock market has led to a risk-averse sentiment across all risky assets. This is gradually affecting the cryptocurrency market as well. Investors are reassessing AI-related risks and reorganizing their portfolios, and cryptocurrencies are being sold off as part of that process.