The market for cryptocurrency is traversing an uncertain time and major altcoins are being under pressure, while Bitcoin (BTC) shows remarkable resilience. According to the latest market data, Bitcoin is trading around USD 91,540 basically flat over the past 24 hours, despite massive sell-offs across the market. CoinDesk+2CryptoDnes.bg+2

bitcoin: Holding the line
However, a long-term owner transferred around $228 million in BTC into exchanges for possible selling, and mining company MARA Holdings transferred around $58 millions in BTC in the direction of FalconX in addition to Coinbase Prime, Bitcoin absorbed the shock of supply without experiencing any sharp decline. CoinDesk The volume of trading for Bitcoin was up to $81 billion increasing by 5percent in the period which indicates increased activity, but not a complete closure. TodayOnChain.com+1

While Bitcoin remains stable however, the overall risk-asset market is evidently fragile. Futures open interest has slowed and the positioning is lighter than the previous months. CoinDesk+1

Altcoins slide, divergence increases
In contrast Bitcoin is facing more challenging conditions. Its “altcoin season” index has decreased from 26/100 to 26/100 which is a clear indication that the momentum is favoring Bitcoin over other crypto assets. CoinDesk Leading tokens like Ethereum (ETH) dropped around 3.4 percent in the reported period, which dragged indices like the CD20 lower by about 0.66 percent. CoinDesk even the most prestigious names like Solana (SOL) as well as XRP are between 2 and 4 percent however, smaller tokens are falling more quickly. Nasdaq+1 Two coins were notable as exceptions: Zcash (ZEC) gained around 8.7 percent, as did Cosmos (ATOM). Cosmos (ATOM) increased by nearly 10% however they remain a rarity than the general trend. CoinDesk

The drivers that drive the market macro and market structure
A variety of factors have triggered this bifurcated behavior. The high-yielding US dollar, and rising yields on global bonds are putting downward pressure on risk assets, which includes crypto. One market overview noted: “When the dollar rises, Bitcoin and altcoins generally slide — and that’s exactly happening now.” Binance In addition to of that, nearly 600 million dollars in leveraged crypto-futures portfolios were wiped out in the last 24 hours. The majority of which were long bets signalling de-risking instead of reckless buying. CoinDesk+1

The technical indicators further add to the warnings. Bitcoin’s open interest in futures on the CME has fallen to its lowest level since September. Funding rates for the most popular altcoins are negative in a few cases which suggests that sentiment is skewed towards hedged or short positions. CoinDesk

What to do?
the next zone of support for Bitcoin Analysts are looking for an eventual bottom in the $84,000-$86,000 range, should the current correction get deeper. CoinDesk+1

Altcoin capitulation or rotation What happens if altcoins start to recover in the event that Bitcoin stabilizes — or will the selective strength (e.g., ZEC, ATOM) be the catalyst for larger declines?

Micro triggers Key interest rate decisions as well as dollar strength and bond yield changes will be a potent force for cryptocurrency.

ETFs as well as institutional flow: The continued outflows of spot Bitcoin ETFs and a reduction in leverage exposure could dampen gains. Nasdaq

Conclusion
In the current climate of uncertainty, the ability of Bitcoin to stand firm even as altcoins fall implies a market where Bitcoin remains the secure harbor for crypto. For investors, the position currently is one of shrewd beware: Bitcoin may be under pressure, but it’s more secure than other areas of the crypto world in the moment. But structural risks are still there and will increase if macro-headwinds become more intense. In the wake of the recent selling wave and buying, when and how quickly the pendulum swings back to risk-based assets will be crucial.