Cryptocurrency Market Under Pressure as Major Altcoins Break Below Support Levels

The cryptocurrency market has been under intense pressure as major altcoins break below their support levels, increasing the risk of further downside. Bitcoin's price is facing selling on rallies, but the bulls have defended the $60,000 level since February 6.

Market data shows a sharp contraction in BTC's entity-adjusted realized profit, indicating the bear market may be transitioning into its later stages. The US spot Bitcoin exchange-traded funds recorded $171 million in outflows on Thursday, the biggest since March 3.

Despite this, large BTC holders have continued to accumulate, which is historically a positive sign for an upside breakout. However, the uncertainty surrounding the US and Israel-Iran war is capping the upside and putting downside pressure on Bitcoin's price.