Crypto markets slid as traders grew cautious ahead of a closely watched U.S. inflation print, with several tokens posting sharp losses and bitcoin losing ground beneath a major technical level.
Privacy token Zcash (ZEC) and decentralized-exchange token HYPE from Hyperliquid led the downside, each plunging more than 10% in the past 24 hours — a sign of broad risk aversion across the market. Cardano (ADA), ONDO and Bitcoin Cash (BCH) were also among the heavier losers, each down more than 4%, while the CoinDesk 20 Index fell roughly 3% over the same period.
Bitcoin (BTC), which had seen a weekend bounce above $64,000 on some exchanges, retraced and slid back under $61,500 after a mid-range quote of $62,005.50. Of particular concern to traders is that BTC is now trading below its 200-week simple moving average (SMA), a long-term technical line closely monitored for trend confirmation.
“The history of the 200-week moving average over the last 11 years (prior to this, the market had not dipped below it) shows that the average time spent near it is almost 11 months, suggesting a very long bear market,” said Alex Kuptsikevich, chief market analyst at FxPro, in an emailed comment.
Markets are now bracing for U.S. inflation data expected to show the cost of living rising to a three-year high of over 4% in May — a pivotal report that could further sway sentiment and price action across crypto.
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