Bitcoin and Ether Face Critical Support as Crypto Suffers Worst Week Since July 2024
The crypto market endured its worst week since July 2024, with Bitcoin down 14.5% and Ether 17%. Ether nears April 2025 lows, threatening a breakdown to 2022 bear levels. Zcash plunged 30% amid an exploit, while low spot volume further pressures the market.
Quick Take
Bitcoin lost 14.5% this week, trading near $62,500.
Ether down 17%, threatening $1,420 support and possible drop to $900.
Zcash tumbled 30% after exploit discovery in shielded pool.
Spot trading volume hit $679B in April, lowest since Oct 2023.
Market Impact Analysis
BearishBitcoin and Ether are near critical support levels; a breakdown would likely accelerate sell-offs across the crypto market.
Speculation Analysis
Key Takeaways
- Bitcoin shed 14.5% this week, sliding to $62,500 amid a convergence of bearish catalysts.
- Ether plunged 17% on the week, now testing $1,420 — a level that previously marked the April 2025 low.
- Zcash collapsed over 30% after a researcher uncovered an exploit capable of minting unlimited tokens.
- Spot trading volume cratered to $679B in April, its lowest since October 2023, signaling waning demand.
What Happened
The crypto market suffered its most punishing week since July 2024. Bitcoin tumbled 14.5%, hovering near $62,500. Ether fell even harder, dropping 17% and approaching the critical $1,420 level that held in April 2025. The altcoin space saw an outlier: Zcash cratered 30% on Friday after a security researcher revealed an exploit in its shielded pool that could have enabled unlimited token minting. The sell-off reflects a convergence of headwinds — from capital shifting to AI IPOs to collapsing spot volumes — shaking confidence across digital assets.
The Numbers
Bitcoin’s 14.5% weekly loss pushed it to $62,500, a level not seen since late 2024. Ether shed 5.5% on Friday alone, contributing to a 17% weekly decline and taking it to its lowest since April 2025, when it bounced sharply from $1,420. Zcash (ZEC) tumbled over 30% in a single session. Spot crypto trading volume across major exchanges fell to $679 billion in April, the weakest monthly figure since October 2023, according to CryptoQuant. These figures underscore accelerating downward momentum and thinning order books.
Why It Happened
Multiple forces converged to crush the market. Strategy’s Michael Saylor pointed to capital rotation into a wave of artificial intelligence IPOs in the U.S., pulling liquidity from crypto. On-chain data from CryptoQuant revealed spot trading volume collapsing to a seven-month low, signaling a lack of demand. The Zcash exploit added a targeted shock, eroding trust in privacy coins. Together, these catalysts formed a perfect storm, with low volume amplifying price swings and triggering cascading liquidations.
Broader Impact
A breakdown below $1,420 for Ether would open the door to sub-$900 levels last seen during the 2022 bear market. Such a move would likely drag the broader altcoin market down, potentially triggering a contagion effect across DeFi and leveraged positions. The lack of spot demand suggests that any bounce may be short-lived, putting the entire crypto complex on edge.
What to Watch Next
- Whether Ether holds the $1,420 support: a daily close below could accelerate the sell-off to 2022 lows.
- Bitcoin’s reaction at the $60,000 zone: A break below would signal a deeper correction.
- Zcash’s post-exploit recovery and any protocol fixes, as well as broader sentiment toward privacy coins.
This article is for informational purposes only and does not constitute financial advice.
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