The crypto market is feeling the heat as major Bitcoin holders initiate a notable distribution phase, pushing $BTC into a sea of red. This sell-off is rippling across the board altcoins and memecoins alike are struggling to find footing as liquidity drains from risk.
The key level to watch is $85,000. This zone has acted as a structural support and holding it could signal absorption rather than panic. A clean defense here opens the door for stabilization and a potential bounce.
However, a decisive break down below $85K likely exposes the market to a deeper retrace toward the $80,000 liquidity pocket, where stronger demand may step in.
This move will dictate the short-term trajectory of the entire market hold $85K and we consolidate, lose it and the bleed accelerates.
$ENA is holding above a local demand after a prolonged selloff. Downside momentum is slowing and dips are getting absorbed, suggesting sellers are losing control. As long as these base holds, a technical rebound toward overhead resistance is in play.