Cryptocurrency market sees sharp drops in Zcash and Bitcoin

Zcash (ZEC) plunged more than 42% in a 24‑hour span, sliding from around $600 to near $250. The crash triggered over $109 million in liquidations and left the token hovering around a critical support zone between $300 and $330, with technical indicators pointing to possible short‑term rebounds if the $400 level is breached.

Bitcoin fell from a recent high of $74,000 to $59,000, later stabilising near $61,600. Over the past week the cryptocurrency lost 15.6% and is down about 22.5% for the month. Analysts attribute the decline to reduced institutional exposure, strong U.S. employment data, and anticipation of upcoming IPOs in the AI and space sectors. Key technical levels include resistance at $63,000, $66,310 and $70,919, and support at $60,000, $58,900 and $52,568. Over $2 billion of long positions were liquidated in five days, and spot Bitcoin ETFs saw a record outflow of $3.4 billion last week.