Bitcoin (BTC) market dumps as BTC falls back below $90,000

With Bitcoin falling back below $90,000, the crypto market is experiencing increased selling pressure. Pepe and Raydium are among those impacted

Crypto prices have been falling throughout the week, with Bitcoin now trading below $90,000. At the same time, altcoins such as Pepe and Raydium have seen massive daily declines.

However, despite the positive news that has been coming out about Bitcoin lately, a swift long-term recovery for the crypto market is unlikely. This is because Bitcoin has hit a key technical level, while altcoins are facing their own price ceilings.

Bitcoin hits 20-week EMA

One of the biggest pieces of news this week was that Bitcoin hit its 20-week exponential moving average (EMA) at around $89,000. This metric often acts as a price ceiling, offering significant resistance to bulls.

As reported by Benzinga previously, the cryptocurrency rebounded to new seven-week highs on Thursday after the U.S. Department of Labor announced a smaller-than-expected increase in weekly jobless claims. The gains pushed Bitcoin above the 20-week EMA. However, the world’s largest cryptocurrency couldn’t sustain the move and fell back below the level on Friday.

"We hit weekly ema resistence…again…but the bullshit ‘bullish’ summit tomorrow sure helps get us to resistence levels. As we know. News is all bullshit. None of it matters. Ever. Creates short term volatility at most and it’s easily outweighed by technical levels. No one cares about news in the long term anyway. #Bitcoin"

A crypto trader known as "M" on X (formerly Twitter) said that there was "nothing to do with news" in the market crashing again. Rather, the crypto market is "easily swayed" by technical levels.

"The crypto market is easily swayed by technical levels and news is easily disregarded. This is especially true for Bitcoin, which has struggled to break above the 20-week EMA."

Pepe, Raydium see massive daily declines

At the time of writing, Bitcoin was trading at around $88,000, down about 2.4% over the last 24 hours. The world’s largest cryptocurrency is now trading at key technical levels, which could decide the next big move for the cryptocurrency.

Meanwhile, altcoins have also been falling sharply. Pepe is down 16.79% in the last 24 hours, trading at $0.00000686. The meme coin has seen a consistent bearish trend over the last month, only recovering slightly when Bitcoin reached $95k.

For that reason, Pepe is facing a price ceiling at the $0.000007 level, which coincides with its 20-week EMA. If bulls can push the meme coin above this level, it could open the door for a further rally.

Raydium is another altcoin that has seen massive daily declines. The DeFi token is down 66.35% in the last 24 hours, trading at $0.105. The token has been plummeting since hitting a yearly high of $0.7 in March.

The DeFi token is also facing resistance at the $0.12 level, which is the neckline of a large head and shoulders pattern. If bears can push the token below this level, it could open the door for a further decline of up to 50%, reaching the pattern's price target at $0.06.