Crypto's worst week since July 2024 deepens as bitcoin, ether near critical price levels
Bitcoin and ether are sliding in crypto's worst week since July 2024, with traders watching key support levels and heavy liquidations.
Intelligence analysis by GPT-5.4 Mini
Crypto is under pressure after a sharp weekly drop in bitcoin, ether and several altcoins, while derivatives markets show growing caution. Weak spot volume, a Zcash exploit scare and rotation into AI-linked assets are all weighing on prices.
Crypto is having a bad week, like a playground game where almost everyone rushes to the exit at once. Bitcoin and ether are both near important floor levels, and if those floors crack, prices could fall much further.
Analysis
A sharp weekly drawdown
CoinDesk says the market is on track for its worst week since July 2024. Bitcoin has fallen nearly 15% since Monday morning UTC and is trading around $62,500, while ether is down more than 17% and has reached its lowest level since April 2025.
Ether’s key level
The article flags $1,420 as a critical ether support area. That was the level ETH bounced from in April 2025 before rallying to record highs over the next four months. A break below it would push the market toward 2022 bear-market territory, when ether traded below $900.
Pressure across the market
Altcoins are also getting hit. Zcash dropped more than 30% after a security researcher found an exploit that could have allowed unlimited token minting in its shielded pool. The weakness spread to privacy rivals Monero and Dash. Arthur Hayes added pressure by saying his firm had sold its entire ZEC position. ADA also fell more than 10% after Charles Hoskinson said he was "taking a break" and warned about ecosystem failures.
What the market data says
The article points to several signs of weak demand. CryptoQuant says spot trading volume fell to $679 billion in April, the lowest monthly level since October 2023. In derivatives, open interest dropped 15% to $17 billion, funding rates turned negative to flat, and the three-month basis slipped to 2.7% from 2.9%. Options traders have moved defensive too, with put/call volume back to even and one-week downside skew rising sharply. Coinglass data shows $1.2 billion in 24-hour liquidations, led by bitcoin, ether and zcash.
What could happen next
One potentially stabilizing factor is that the average RSI across crypto pairs is in oversold territory, which the piece says could allow for a relief bounce this weekend. But the broader setup remains fragile as traders wait to see whether bitcoin holds near $60,900 and whether ether can defend $1,420.
Key points
- Bitcoin is down nearly 15% this week and ether more than 17%, marking crypto's worst weekly stretch since July 2024.
- Ether is approaching a critical $1,420 support level that CoinDesk says previously marked a major rebound point.
- Zcash fell more than 30% after a reported exploit surfaced, and the weakness spread to Monero and Dash.
- Derivatives data shows de-risking, with open interest falling, funding rates turning negative to flat, and downside protection demand rising.
- CryptoQuant says April spot trading volume was the lowest since October 2023, reinforcing the demand slowdown narrative.
The article notes that crypto pairs are broadly in oversold territory, which could make a relief bounce possible this weekend. If bitcoin and ether hold their current support zones, the market may stabilize and give traders a chance to rebuild confidence.
If ether breaks below $1,420, CoinDesk says the next reference point is 2022 bear-market territory, which would signal much deeper weakness. Bitcoin also faces a key liquidation zone around $60,900, and continued low spot volume could leave prices vulnerable to another leg down.
