Over the past few weeks, I've been concerned about the major cryptocurrencies trending downward. Bitcoin is trading around $73,000, but it hasn't broken through $70k, forming a rising pennant pattern while gradually facing selling pressure. Ethereum, XRP, SOL, and Dogecoin have also been declining by about 2-3% over the past seven days, and the selling pressure on altcoins has reportedly reached its highest level in five years.

Technically, they are fluctuating within the $60k to $70k range, but this is the peak zone from 2021, so whether it breaks through this level seems to be a critical turning point. However, overall market sentiment appears to be influenced by concerns over AI-related issues in the stock market, which are spilling over into cryptocurrencies, strengthening the risk-off trend.

What's characteristic is the absence of sudden liquidations that would trigger dips; instead, the market continues to decline gradually in a stagnant manner. Although technically leaning bearish, support is coming from inflows into U.S. spot ETFs and waiting for macroeconomic improvements. It’s a phase where we can’t take our eyes off what will happen next.