The crypto market navigates extremely turbulent waters this Wednesday, 06/03/2026. Bitcoin plunges to $65,675 in a new 2.7% correction, accumulating a brutal weekly decline of 11.7%. The Fear & Greed Index marks only 11 points, signaling widespread panic not seen since the worst moments of 2022.
Bitcoin's dominance jumps to 57.7% while altcoins bleed even harder. Ethereum retreats 2.9% to $1,844, testing critical support levels that could define the market's next moves.
Overall Market Overview
The global market cap melts away $67 billion in the last 24 hours, reaching $2.28 trillion. Volume spikes to $129.68 billion, confirming that we're not facing a silent correction, but rather a violent liquidation with massive participation.
This is the third consecutive session of significant losses. As we highlighted in yesterday's Radar, the selling pressure that started when BTC lost $71,000 has not yet found solid ground. The $65,671 represents the critical support of the last 30 days.
Bitcoin: RSI in Panic Territory
Bitcoin's RSI at 13.80 is at levels that historically precede significant reversals. To give you an idea of the intensity of this correction: the asset is 12.3% below the SMA20 ($74,897) and an impressive 17% away from the SMA200 ($79,094).
Análise Técnica — Bitcoin
The technical structure remains deteriorated, with SMA50 running 2.8% below the SMA200. This inverted "death cross" continues to pressure any recovery attempt. The immediate support at $65,671 coincides exactly with the current price, making this level absolutely crucial.
If $65,671 breaks, the next relevant support only appears in the $58,000-60,000 range, a region that functioned as strong resistance during the first half of 2024.
Ethereum: Decisive Test at $1,845
Ethereum faces an even more delicate moment than Bitcoin. The RSI at 18.10 signals extreme oversold, but the bearish structure is more pronounced: SMA50 runs 10.5% below the SMA200, more than triple the distance seen in BTC.
Análise Técnica — Ethereum
The $1,845 support is being tested in real time. According to CoinDesk data, Bitmine has already accumulated losses close to $9 billion in its Ethereum bet, showing how even big players underestimated the strength of this correction.
A definitive loss of $1,845 would open the path to $1,650-1,700, a range that could attract institutional buyers awaiting more attractive entry points.
Today's Highlights
Despite the widespread negative scenario, some assets manage to swim against the current:
Worldcoin (WLD) leads gains with impressive 36.3%, possibly benefiting from developments in its digital identity infrastructure. ENA and BEAT also show significant relative strength.
On the opposite side, the biggest losers reflect broad sector pressure:
JST plunges 19.5%, while Bitcoin Cash (BCH) loses 12.6%, demonstrating that even "alternative Bitcoins" cannot protect themselves from this liquidation.
Stablecoin Rates
Macro and Political Context
The crypto movement gains interesting political component. According to CoinTelegraph, candidates backed by crypto PACs are sweeping American state primaries following massive advertising campaigns. This development could positively influence the sector in the medium term, but still cannot contain current selling pressure.
In Europe, crypto companies face a July 1st deadline for MiCA compliance, adding regulatory uncertainty to an already challenging scenario.
Technical Perspective
Extremely oversold RSI in BTC (13.80) and ETH (18.10) historically precede technical bounces. The problem is that in bearish markets, assets can remain oversold for prolonged periods.
Rising volume indicates this is not a low-participation correction. Big players are active, whether liquidating positions or accumulating at levels considered attractive.
Also read on ON3X: Yesterday's Crypto Radar analyzed the loss of $67,500 in Bitcoin and anticipated pressure on current support levels.
What to Watch Tomorrow
- Bitcoin: Maintenance or loss of $65,671. Definitive break opens path to $58,000-60,000
- Ethereum: Final test of $1,845. Volume will be crucial to determine if there is support
- RSI: Both assets in extreme oversold. Technical bounce possible, but bearish structure remains
- Volume: Maintaining high participation could signal bottom formation, especially if prices stabilize
- Sentiment: Fear & Greed at 11/100. Historically, readings below 20 for prolonged periods precede reversals
Disclaimer: The Crypto Radar is published daily by the ON3X team for exclusively informational purposes. This content does not constitute investment recommendation. Conduct your own research before making financial decisions.