Crypto Market Faces Selling Pressure; Bitcoin Holds $60K Amid Bearish Technicals.
Key Takeaways
- The broader cryptocurrency market remains under selling pressure, with the Fear and Greed Index indicating "Extreme Fear" at 15.
- Zcash (ZEC) was one of the steepest decliners over the past 24 hours, trading around $375.
- Zcash is positioned beneath its 200-day Exponential Moving Average (EMA) of $381 and is probing the 50% Fibonacci retracement level at $356.
- Bitcoin (BTC) holds near $60,000, defending a key support zone amid fragile momentum.
- Bitcoin's 50-day EMA at $66,946 and 200-day EMA at $76,645 are significantly above its current spot price.
- Jupiter (JUP) also experienced notable declines, trading near the $0.2000 threshold following a reversal from an overhead resistance trendline.
The wider cryptocurrency market continues to exhibit weakness, with the Fear and Greed Index stalled at 15, signifying "Extreme Fear." In this risk-off environment, Zcash (ZEC) and Jupiter (JUP) registered among the steepest declines over the past 24 hours.
Zcash Technical Overview
ZEC traded around $375 on Monday, remaining beneath its 200-day EMA at $381 after two consecutive sessions of declines. The short-term outlook maintains a negative bias as the price probes the 50% Fibonacci retracement level at $356. This level is drawn from the previous upswing between $184 and $390.
Momentum indicators for ZEC reflect fading buying interest. The Relative Strength Index (RSI) registers at 37, indicating a retreat from the neutral midline. Concurrently, the Moving Average Convergence Divergence (MACD) line remains in negative territory below its signal line, with an expanding downside histogram reinforcing dominant selling pressure.
Key resistance levels for ZEC include the 200-day and 50-day EMAs, positioned at $381 and $455 respectively. Above these, the 78.6% Fibonacci retracement at $520 presents a further upside hurdle. Immediate downside support is found at the 50% retracement of $356. Should this fail, the 23.6% retracement region around $251 would come into focus. The broader cycle floor near $184.57 represents a critical level where buyers might more forcefully counter the prevailing bearish trend.
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Broader Market and Bitcoin Status
The wider cryptocurrency complex continues to face selling pressure, with Bitcoin (BTC) locked in a narrow trading band near $60,000 on Monday. This consolidation reflects buyers' efforts to defend the $60,000 support zone and maintain price above the July 5, 2024, low of $53,485.
On the daily chart, both the 50-day and 200-day Exponential Moving Averages (EMAs) — at $66,946 and $76,645, respectively — sit well above the spot price. This reinforces a constrained medium-term setup for BTC. Momentum readings also reflect a cautious backdrop.
The Relative Strength Index for Bitcoin hovers just above the oversold band near 30, underscoring lingering downside risk. Furthermore, the Moving Average Convergence Divergence (MACD) line has slipped slightly below its signal line, pointing to continued bearish pressure. On the upside, immediate resistance is noted at the $65,000 round figure, followed by the 50-day EMA near $66,946.
Jupiter Performance Review
Jupiter (JUP) traded near the $0.2000 psychological threshold on Monday, having posted losses for two consecutive sessions. This decline represents a reversal from an overhead resistance trendline located around $0.2350, which has previously blocked Jupiter's recovery attempts since October 2025.
A confirmed daily close above this resistance trendline could target the November 27 high at $0.2662, potentially extending to the October 11 low at $0.3255. However, momentum indicators currently lean cautious. The MACD and its signal line are on the verge of a bearish crossover. The RSI, at 54, has turned lower after approaching the overbought region, indicating waning bullish momentum.
On the downside, the initial significant support lies at the 50-day EMA, currently at $0.1950. A daily close below this level would weaken the present constructive tone and could expose JUP to a deeper corrective phase.
