NEAR Crashes 20% as Bitcoin Roars Back – Altcoin Party Over?
Just when altcoins thought they had their moment, Bitcoin flexed its dominance again. NEAR Protocol leads the crypto bloodbath with a double-digit plunge as capital rushes back to BTC.
Market whiplash hits alt traders
The sudden reversal caught leveraged altcoin positions off guard. NEAR’s drop mirrors broader alt weakness—Ethereum, Solana, and Cardano all bleeding out as Bitcoin eats their lunch.
‘Number go up’ psychology returns
With BTC reclaiming $70K, the ‘safe bet’ crowd is back. Retail FOMO shifts to the OG crypto while alts get dumped like last cycle’s NFT portfolios. Same playbook, different bull run.
Wall Street sharks smell blood
Futures data shows institutions loading up on Bitcoin shorts against altcoin longs—the ultimate ‘take profits’ trade. Because nothing says decentralized finance like hedge funds front-running retail yet again.
Key Technical Indicators
- 24-Hour Price Action: Down 6% from $3.07 to $2.88; $0.21 trading range (~7% volatility).
- Resistance: Heavy-volume rejections at $3.05–$3.06.
- Support Levels: Temporary support at $2.87–$2.92, later broken.
- Volume: Exceeded 24-hour average of 3.89M; spikes of 267,564 and 296,686 units during key breakdowns.
- Final Hour Move: 2% drop from $2.95 to $2.89; extreme volatility and sharp selloffs.
- Critical Failures: Supports at $2.93 and $2.90 breached, setting new session lows.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
