Bitcoin Hits 7-Month Low at $88.4K, ZEC and ATOM Rally

Bitcoin’s current downturn represents the culmination of a ten-day bearish trend that began when the cryptocurrency was rejected at the $107,000 level despite positive developments in the United States. The failure to break above the psychological $110,000 barrier triggered what analysts described as a ‘violent’ period for the world’s largest cryptocurrency. The initial rejection was followed by a rapid descent below $100,000 last Thursday, with bulls unable to mount a meaningful defense as BTC continued its slide to $94,000 by Friday.

The weekend provided temporary relief as Bitcoin consolidated between $94,000 and $96,000, but the bearish momentum resumed on Sunday afternoon, driving the price further south to $93,000. The beginning of the current business week proved particularly painful as Bitcoin broke below the critical $90,000 support level to chart a seven-month low. Although the asset briefly bounced back to $94,000 yesterday, it was quickly rejected and pushed back down, ultimately bottoming at $88,400 on Bitstamp – a price level last witnessed in April 2025.

As of press time, Bitcoin has managed to recover some ground but remains below $92,000, with its market capitalization struggling at $1.830 trillion. Bitcoin’s dominance over alternative cryptocurrencies has remained static at 57%, indicating that the broader market has moved largely in sync with the flagship cryptocurrency during this downturn period.

Ethereum mirrored Bitcoin’s bearish trajectory, experiencing a hard dump yesterday that saw the second-largest cryptocurrency lose both the $3,000 and $2,900 support levels to touch a low of $2,880. The subsequent bounce has returned ETH to the $3,000 level, with some analysts viewing this recovery as a potential setup for upward movement. The ETH price action reflects the broader market sentiment that has gripped major cryptocurrencies throughout this correction period.

Binance Coin has demonstrated relative resilience, standing at $900 after only a minor decline since yesterday. Other major altcoins including XRP, TRON, Dogecoin, and Cardano are trading slightly in the red, reflecting the cautious sentiment prevailing across the cryptocurrency market. However, not all digital assets have followed the downward trend, with Solana, Bitcoin Cash, and Chainlink managing to post gains despite the challenging market conditions.

In stark contrast to the broader market weakness, privacy-focused cryptocurrency Zcash has rocketed by 8% to reach $675, continuing its impressive performance amid general market pessimism. The significant gain positions ZEC as one of the day’s standout performers, demonstrating that selective bullish momentum can persist even during periods of overall market contraction.

Cosmos’ native token ATOM has delivered an even more impressive performance, adding 12% of value to trade above $3. The double-digit gain underscores the continued investor interest in interoperability solutions and blockchain ecosystems that offer distinct technological value propositions. Meanwhile, Pi Network’s native token has jumped 8-9% following positive regulatory developments, highlighting how project-specific news can drive price action independent of broader market trends.

Despite these isolated rallies, the total cryptocurrency market capitalization has lost approximately $20 billion in a single day, declining to $3.210 trillion according to data from QuantifyCrypto. This contraction reflects the dominant influence of Bitcoin and Ethereum on overall market valuation, with their combined market movements overwhelming the positive performances of select altcoins like ZEC and ATOM.