Crypto Market Holds Steady as Bitcoin Nears $77K, Ethereum Faces Pressure

The crypto market showed mild strength on Wednesday as investors reacted to regulatory optimism, ETF activity, and mixed altcoin performance. The total crypto market capitalization climbed 0.68% over the last 24 hours to reach $2.57 trillion. Bitcoin price remained stable near the $77,000 level, while Ethereum price continued to struggle below the important $2,200 resistance zone.

Market sentiment improved after renewed discussions around the CLARITY Act and tokenized stock trading plans boosted confidence among traders. Investors also closely monitored potential banking policy changes that could improve financial access for crypto firms. Despite heavy liquidations in leveraged positions, Bitcoin maintained strong support and pushed its market dominance to 60.25%, outperforming many altcoins.

Analysts believe Bitcoin could test the $78,000 resistance level soon, with a breakout potentially opening the path toward $80,000. However, traders are also watching the $76,700 support area closely for downside risks.

Ethereum price continued to lag behind Bitcoin as buyers failed to reclaim the $2,150 level. If ETH successfully breaks above this resistance, analysts expect a move toward $2,250. However, repeated rejection could send the price back toward the $2,000 support zone. Concerns also increased after reports showed several Ethereum whale wallets moving or consolidating large ETH holdings, signaling weaker confidence among major investors.

ETF flows added further caution to the market. U.S. spot Bitcoin ETFs recorded $331 million in net outflows on May 19, with BlackRock’s IBIT accounting for most of the withdrawals. Spot Ethereum ETFs also posted net outflows totaling $62.3 million.

Among altcoins, XRP price hovered near key support levels as traders anticipated a possible recovery toward $1.40. Meanwhile, Zcash price surged 5% to $579.78, extending its monthly gains to nearly 90%. Pi Network also stayed in focus ahead of its upcoming V26 protocol upgrade scheduled for June 22, with investors closely watching future decentralization developments.