Meme coin plummets as investors shift to a defensive stance: Bitcoin drops back below 90K

Market sentiment is turning bearish after US employment data and the ruling on trade policy raised concerns on Wall Street. In this context, high-risk assets such as meme coins are experiencing strong selling pressure, while major currencies are also not immune to corrections.

Pressure on meme coins and high-performance tokens

The meme coin group is the hardest hit victims in this decline. Subsidiaries of this group have suffered significant drops, notably with the withdrawal of recently strong-performing capital.

Compared to top currencies, the volatility of smaller tokens is even more pronounced. These signs clearly reflect a shift from greed to fear sentiment within the investor community.

Major currencies also face adjustments

Ethereum (ETH) increased by 1.84% in 24 hours, but at times experienced selling pressure. Solana (SOL) today rose slightly by 0.07%, indicating moderation in its recovery. Dogecoin (DOGE) decreased by 1.40%, reflecting overall market sentiment.

Polygon (POL) lost 1.11%, while other tokens like Canton Network (CC) and World Liberty Financial (WLFI) faced greater pressure with declines of 5.86% and 5.03%, respectively.

ZCash (ZEC) recorded a 5.08% increase, making it one of the rare bright spots in today’s market.

Bitcoin adjusts, technical support at 89.2K

Bitcoin declined during the Asian trading session, currently trading around $97.02K, up 1.56% in 24 hours. However, the price previously fell below $90,000, corresponding to a correction from a high near $93,600. The short-term technical support is identified at approximately $89,200, coinciding with the 50-day simple moving average, which is an important zone to watch.

These fluctuations indicate prolonged uncertainty in the cryptocurrency market, especially as external factors such as macroeconomic data continue to exert pressure on investor sentiment.