Cryptocurrency Market Faces Increased Pressure as Major Altcoins Break Support Levels

The cryptocurrency market is facing increased pressure due to the ongoing US-Israel-Iran war uncertainty and Bitcoin's fall below $66,000. This has led to a heightened risk of further downside for major altcoins that have broken their immediate support levels.

Despite this, analysts suggest that if the price holds above critical support levels, it could lead to a surge in prices. The sharp contraction in Bitcoin's entity-adjusted realized profit from $3 billion per day in July 2025 to $0.1 billion currently suggests that the bear market is transitioning into its later stages.

Bitcoin whales and sharks have continued to accumulate, with large BTC holders boosting their holdings by 0.45% in the past month. Historically, an upside breakout happens when large wallets are accumulating and retail is selling. This could be a positive sign for the bulls, but it remains to be seen whether they can maintain the price above critical support levels.