Key Takeaways
- Bitcoin’s price trades around a key demand zone of $113,000 as bulls could trade to new highs or break lower.
- Ethereum’s price could see a potential price trade into key levels of $3,000 as bulls aim to accumulate more.
- The general market sentiment remains bullish across the crypto market despite the market suffering a decline.
In the last 24 hours, the cryptocurrency market has witnessed huge market liquidations following key macroeconomic events, such as the Federal Open Market Committee (FOMC), affecting the market price action of top crypto assets by market capitalization.
Top crypto assets such as Bitcoin, Ethereum, Solana, and XRP saw prices crash towards key support zones after closing highs for the first time in months. Following such market price action for these assets, crypto experts have insisted there are no worries regarding the overall market potential as the price remains bullish long-term.
How has the crypto market reacted to the recent price decline after a much-needed bounce from crypto altcoins?
Crypto Market Sentiment and Reaction
Market Reaction to Dump – Source Quantifycrypto
According to data from Quantifycrypto, the crypto market witnessed a sharp decline across crypto assets on Friday, August 1, 2025, following the news of a new Trump tariff war for many countries, including a 50% tariff for Canada, which sparked a decline in price across the market.
Despite the crash in prices, top crypto experts and investors believe this is a minor setback on the back of strong bullish expectations in the crypto space, as the price could bounce quickly to potential new price points in the coming days if key crypto asset levels hold.
Let us analyze some price analysis of top crypto assets despite the market crash and what expert traders are saying about the recent price crash.
Bitcoin (BTC) Price Analysis
Source – BTC 1D Price Chart by AshCrypto on X
The price of Bitcoin on the daily timeframe looks strong as the price trades above the key support zone of $113,000, following this region being flipped from resistance to support, as the price of Bitcoin would be looking for a quick price bounce to the upside.
If the price of Bitcoin fails below this point, we could see the price crash quickly to lower zones; however, the price of BTC defends this zone for the time being, with bulls having the upper hand to push the price higher.
Ethereum Price Analysis
ETH Price Analysis – Source Marzell on X
According to the top crypto expert on X, the price of ETH faced strong price rejection following its rally towards $3,900, as the price could trade into the key level of demand around $3,000, as he expects a bullish price reaction towards a high of $4,000 to $5,000.
Current market reaction for Solana (SOL) and Ripple (XRP) remains bullish despite prices trading towards $166 and $2.96, respectively. But key focus remains on BTC and ETH as a strong rally to the upside could spark a market bounce for these crypto assets.
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