The crypto market adjusts to $3.14 trillion, with BTC facing key resistance levels and a policy window period.

[Crypto World] The total market capitalization of the crypto market has slightly pulled back by 1%, currently hovering around $3.14 trillion. Performance among individual coins is clearly diverging—Zcash has surged 10% against the trend, breaking through the $400 mark; meanwhile, XRP has retraced by 3.6% and is now hovering around $2.09.

As for Bitcoin, the momentum to break the $94,000 resistance has slowed. However, from a technical perspective, if it can hold steady, there’s still a chance to test the $98,000 to $100,000 range. But CryptoQuant’s bull market score has already dropped to zero, which isn’t a very optimistic signal—they believe the market has switched to bear mode. If no new capital flows in, BTC could potentially pull back to the $55,000 to $70,000 range next year.

On the policy front, there’s a noteworthy development: if the 401(k) pension rule adjustments are implemented in 2026, it could open up a $9 trillion incremental market for Bitcoin. Additionally, Ethereum’s Fusaka hard fork was just activated, mainly optimizing for scalability and security. BlackRock also recently commented, emphasizing that the penetration rate of stablecoins in cross-border payment scenarios is rapidly increasing.