The cryptocurrency market experienced a broad-based selloff on Thursday, with bearish momentum accelerating into the U.S. evening trading hours. Geopolitical tensions and persistent macroeconomic concerns weighed heavily on risk assets, sending Bitcoin (BTC) tumbling below a key psychological level. According to recent market data, the BTCUSDT pair slipped to a 24-hour low of $105,157.89 before seeing a slight recovery to trade around $106,750.96, representing a modest 24-hour decline of 0.16%. The total 24-hour trading volume for the pair remained relatively thin at just over 9 BTC, suggesting that while the price drop was notable, it wasn't driven by a massive wave of panic selling. The key resistance for Bitcoin now sits at the 24-hour high of $107,140.15, a level traders will be watching closely for any signs of a potential rebound. A failure to reclaim this level could open the door for a retest of the lows near $105,000.

Altcoins Suffer Deeper Losses as Market Sentiment Sours

While Bitcoin's losses were contained, the altcoin market faced a much steeper correction. Major cryptocurrencies including Ethereum (ETH), Solana (SOL), and XRP saw declines ranging from 5% to 7%, as reported by FoxNews. This divergence often indicates a flight to relative safety within the crypto space, where traders de-risk from more volatile assets and consolidate into Bitcoin. Ethereum (ETHUSDT) dropped to a 24-hour low of $2,374.58 and was last trading at $2,440.13, down 0.72%. The ETHBTC pair, a crucial indicator of Ethereum's strength relative to Bitcoin, also showed weakness, falling 0.35% to 0.02291 BTC. This suggests that for now, Bitcoin is outperforming Ethereum amid the market uncertainty.

Solana and XRP Technical Levels to Watch

Solana (SOLUSDT) was another significant casualty, falling 1.5% to trade at $148.96 after hitting a low of $145.03. The immediate support for SOL traders is now this intraday low, while resistance lies at the $151.39 peak. The SOLBTC pair also took a significant hit, dropping over 3% to 0.00137330 BTC, highlighting the broader risk-off sentiment impacting high-beta altcoins. Similarly, XRPUSDT fell 1.13% to $2.1891, with its 24-hour range spanning from a low of $2.1491 to a high of $2.2249. The trading volume for XRPUSDT was notably high at over 424,000, indicating significant trading activity during the price drop. Traders should monitor the $2.14-$2.15 zone as a critical support area.

Geopolitical and Regulatory Headwinds Create Uncertainty

The market downturn coincided with renewed geopolitical fears. According to reports, President Trump's warnings about a potential conflict in the Middle East and threats of renewed trade tariffs spooked investors. While U.S. equities managed to pare losses, the more speculative crypto market failed to recover. This macro pressure is compounded by a complex regulatory environment in the U.S. In a notable development, the Senate passed a stablecoin regulation bill, which could bring clarity to the sector. However, the situation is complicated by President Trump's own family's involvement in a crypto firm with its own stablecoin, World Liberty Financial. Legal disclosures indicate that an entity affiliated with the Trump family, DT Marks DEFI LLC, reduced its stake in the platform's parent company from 60% to 40%. This confluence of high-stakes political maneuvering and critical market legislation adds a layer of uncertainty that traders must navigate. While clearer stablecoin rules could be a long-term positive, the short-term political drama may continue to fuel volatility across the digital asset landscape.