The cryptocurrency market experienced a broad downturn on Friday, with Bitcoin (BTC) and Ethereum (ETH) leading losses and failing to hold key psychological levels. According to market data, Bitcoin fell over 4% to trade around $68,084, unable to reclaim the $70,000 resistance level. Ethereum dropped nearly 4.5%, slipping below the crucial $2,000 threshold to around $1,983.
This decline dragged the wider market lower, with major altcoins like BNB, XRP, and Solana (SOL) also posting losses between 3% and 4%. Technical analysis indicates Bitcoin has been consolidating within a $65K–$70K range following a sharp correction in February, with its Relative Strength Index (RSI) near 46, suggesting limited buying momentum. Ethereum's RSI sits near 44, reflecting similar caution among traders.
Despite the current market weakness, prediction markets reveal a divergent outlook for the two leading assets. Investors on platforms like Myriad Markets are relatively optimistic about Bitcoin's short-term prospects, predicting a potential rise to $84,000 before a fall to $55,000—a level analytics firm CryptoQuant previously identified as a potential bear market bottom.
In contrast, confidence in Ethereum is lower. Prediction market participants forecast a possible 25% drop from current levels to around $1,500 before any potential jump to $3,000. This aligns with forecasts from Polymarket and Kalshi, where the probability of ETH trading above $2,500 in March is rated at only 39%. Some Polymarket investors even speculate that Ethereum could lose its position as the second-largest cryptocurrency by market cap this year.
