Zcash (ZEC) surges 13% as Bitcoin (BTC) fails to break $90K
Bitcoin (BTC) failed in another breakout attempt at the $90,000 level, briefly topping near $90.4K before a fast rejection that pushed the price down about $3,000 in minutes to around $86.5K; BTC later recovered modestly and trades slightly lower on the day, with market cap under $1.75 trillion and dominance near 57.5%. Major large-cap altcoins largely mirrored BTC’s moves: Ethereum (ETH) rejected below $3,000 and retreated toward the $2,900 support, while XRP slid to roughly $1.85. Among altcoins, Zcash (ZEC) led gains — spiking over 13% to trade above $500 — and RAIN also rose around 10% to near $0.008. Total crypto market capitalization remains above $3 trillion despite a roughly $40 billion pullback since yesterday’s peak. Key takeaways for traders: BTC faces strong resistance at $90K — repeated rejections increase short-term volatility and downside risk; traders should watch BTC’s $86.5K–$87K support zone and ETH’s $2,900 level for potential stability; altcoin momentum (notably ZEC and RAIN) may offer short-term trading opportunities but could reverse if BTC weakness persists.
Neutral
The piece describes a mix of bearish and bullish signals that overall point to a neutral near-term market stance. Bearish: BTC has been repeatedly rejected around $90K, with sharp intra-hour sell-offs that increase short-term downside risk and market volatility; ETH is failing to reclaim $3,000, and total market cap pulled back by roughly $40B. Bullish: BTC remains above major supports (~$86.5K–$87K) and market cap is still above $3 trillion, while selective altcoins (notably ZEC and RAIN) are recording double-digit gains, indicating pockets of risk-on activity. For traders this implies: short-term bias is uncertain — expect elevated volatility around the $90K resistance; momentum trades in outperforming alts may be profitable but carry higher reversal risk if BTC weakness continues. Historically, repeated rejections at a key psychological level (similar to previous BTC tests at $60K–$65K in 2021–2022) often lead to consolidation or pullback before a decisive breakout. Therefore, traders should manage position sizes, use tight stops around support levels (BTC ~$86.5K, ETH ~$2,900), and consider fading failed breakouts or trading confirmed momentum in altcoins with strict risk controls.