Bitcoin fell below the $80,000 mark on Sunday as investor sentiment weakened across global markets. The move came alongside a spike in daily liquidations, which totaled $590 million.
Heightened anxiety over former President Donald Trump’s proposed tariffs and escalating geopolitical tensions weighed heavily on risk assets.
More Traders are Shorting Bitcoin After the Worst Q1 In a Decade
The long-short ratio for Bitcoin dropped to 0.89, with short positions now accounting for nearly 53% of activity. The shift reflects growing skepticism about Bitcoin’s short-term direction.
Traditional markets also suffered sharp losses. The Nasdaq 100, S&P 500, and Dow Jones all entered correction territory last week, posting their worst weekly performance since 2020.
Bitcoin Long-Short Ratio on Sunday, April 6. Source: Coinglass
The broader crypto market lost 2.45% on Sunday, reducing total market capitalization to $2.59 trillion. Bitcoin remains the dominant asset, holding 62% of the market share. Ethereum follows with 8%.
Sunday’s selloff triggered $252.79 million in crypto derivatives liquidations. Long positions made up the bulk of that figure at $207 million. Ethereum traders accounted for about $72 million in long liquidations alone.
Bitcoin’s price remains closely tied to shifts in global liquidity, often reflecting broader macro trends. With U.S. markets set to open Monday, this weekend’s activity signals continued volatility ahead.
That combination raises the risk of stagflation, a situation where policy tools become less effective. Efforts to stimulate the economy can worsen inflation, while measures to control prices can limit growth.
March proved to be a challenging month for many altcoins, with several experiencing sharp corrections. However, as Q2 2025 approaches, some tokens are positioned to benefit from potential improvements in market conditions.
BeInCrypto has analyzed four altcoins that, while not on the verge, are closer than others to reaching new all-time highs.
Gate (GT)
GT is currently trading at $23.50, just 10% away from its all-time high of $25.96. To reach this level, the altcoin needs to breach and flip $23.94 into a support level. A successful break above this resistance could pave the way for further price gains.
Market conditions suggest that GT could experience a price increase in the coming days, provided investors refrain from selling at the sight of profits. If this occurs, GT could push past $25.96 and potentially form a new ATH.
However, $23.94 has acted as a strong resistance for the past two months. If GT fails to breach this level, it could fall back to $22.56 or even lower to $21.25. Such a drop would invalidate the bullish outlook and potentially extend the current downtrend.
BNB
BNB has made several attempts to reach its all-time high of $793 since December 2024 but has consistently failed to break the $741 resistance. Despite sharp declines, the altcoin has shown resilience, bouncing back each time, indicating some level of investor confidence and market interest in its future performance.
Currently, BNB is holding above the critical support block between $587 and $619, standing about 25% away from its ATH. If broader market conditions turn bullish, BNB could be poised to attempt a new ATH within the next month.
While BNB may face challenges at the $741 resistance level, strong support could push it through this barrier. However, if BNB fails to break $647 first, it could see a decline below the $619 support level. This would invalidate the bullish outlook and potentially extend the current downward trend.
MANTRA (OM)
OM’s price is currently trading at $6.58, still far from its all-time high of $9.17, requiring a 40% rise to reach that level. Despite this, the altcoin has significant potential to rally. A positive shift in market sentiment could drive it toward higher price levels.
Strong bullish momentum has fueled OM’s rise, with the altcoin reaching an ATH of $9.17 towards the end of February. The continued inflow into OM signals the possibility of another rally. If OM successfully breaches $7.02 and flips $7.74 into support, it would solidify the bullish outlook.
However, if OM fails to breach the $7.02 resistance, the altcoin could fall back to $6.17. This drop would likely continue its consolidation phase, as seen earlier this month, and invalidate the bullish thesis. A failure to break key resistance levels would limit price growth.
Cheems (CHEEMS)
CHEEMS, though a lesser-known coin, has been gaining bullish momentum this month. Earlier this week, the altcoin formed a new all-time high at $0.000002179. This recent price surge indicates growing investor interest and the potential for further gains if market conditions remain favorable.
For CHEEMS to form a new ATH beyond $0.000002200, it will need a 25% rally from its current price. The altcoin is likely to bounce off the $0.000001660 support level, which could help capitalize on the current bullish momentum. A sustained move above this level could signal further upside potential.
However, if CHEEMS fails to hold above the $0.000001660 support, it could face significant downward pressure. A drop below this level could result in CHEEMS falling to $0.000001461 or even as low as $0.000001132. Such a decline would invalidate the bullish outlook and may extend the downtrend.
The crypto market continues to face a sustained period of capital flight. According to the latest CoinShares report, digital asset investment products experienced a fifth week of outflows.
It comes amid continued bearish sentiment, with Bitcoin (BTC) bearing the worst as seen in its price, which remains well below the $90,000 threshold.
Crypto Outflows Surge to Nearly $1.7 Billion
The report indicates that total crypto outflows reached $1.687 billion, bringing cumulative losses over this negative streak to $6.4 billion. This also marks the 17th straight day of outflows, the longest unbroken period of capital withdrawals since 2015.
Despite the sustained downturn, year-to-date (YTD) inflows remain positive at $912 million. However, the latest market correction and consistent investor withdrawals have resulted in a $48 billion decline in total assets under management (AuM) across digital asset investment products.
Per the report, the US remains the epicenter of the ongoing crypto outflows, accounting for $1.16 billion in outflows. This represents approximately 93% of all outflows during this negative streak. In contrast, Germany experienced a modest inflow of $8 million, indicating regional variations in investor sentiment.
Bitcoin continues to withstand the worst of investor withdrawals, with an additional $978 million in outflows over the past week, bringing its five-week total to $5.4 billion. Meanwhile, short-Bitcoin positions also saw $3.6 million in outflows, indicating a general decrease in bearish bets against the pioneer crypto.
While most digital assets have declined, XRP continues to attract investment. It recorded an additional $1.8 million in inflows, standing out as one of the few assets seeing positive momentum.
One of the most striking developments during this market downturn was the Binance exchange’s near wipeout of assets under management. A key seed investor’s exit drained almost all of Binance’s AuM, leaving the exchange with just $15 million in remaining AuM.
Meanwhile, this sustained sell-off follows a weeks-long pattern of negative sentiment. The previous week, crypto outflows hit $876 million, with US investors leading the charge in market liquidations.
Before that, outflows had already neared $3 billion, driven by weak investor sentiment and rising market fears.
The persistent crypto outflows and declining AuM figures suggest that confidence in the crypto sector is yet to recover. However, pockets of resilience—such as XRP’s inflows and minor gains in Germany, indicate that investor appetite has not vanished entirely.
Mantra (OM) is up more than 10% in the past seven days, taking place as the second-largest Real World Asset (RWA) token by market cap. With a market cap of around $6.8 billion, OM is gaining momentum and attracting attention in the RWA space.
Technical indicators are flashing mixed signals, with OM’s RSI cooling off from overbought levels and Ichimoku Cloud structures remaining bullish. As OM trades near key resistance and support zones, traders are watching closely to see if it can extend its rally and set new all-time highs.
Mantra RSI Is Back To Neutral After Reaching Overbought Levels
The RSI is a momentum oscillator that measures the speed and magnitude of recent price movements to evaluate whether an asset is overbought or oversold.
Readings above 70 generally indicate overbought conditions, signaling that an asset could be due for a pullback, while readings below 30 suggest oversold conditions, potentially signaling a buying opportunity.
The Tenkan-sen is positioned above the Kijun-sen, reinforcing short-term bullish momentum, although the price recently pulled back after some upward movement.
The Chikou Span is also above the price action and the cloud, supporting the bullish outlook.
However, if the price starts to consolidate or dip toward the Tenkan-sen and Kijun-sen, it could signal a potential pause in momentum or a shift toward a more neutral trend if those levels fail to provide support.
If this pattern is confirmed and Mantra can regain the strong uptrend seen in past months, it could break through the resistance levels at $7.39 and $8.16.
A breakout above these areas could allow OM to test price levels above $9 for the first time ever, potentially setting new all-time highs and possibly making OM surpass Chainlink as the biggest RWA coin in market cap.
On the other hand, if the current bullish momentum fades, OM could decline toward support at $6.57.
A loss of this level could trigger further downside toward $6.15, and if bearish pressure persists, the price could fall as low as $5.85.
