Bearish Sentiments ๐๐จ:
Bloodbath๐ฉธExpected to Continue with $1 to $2 Billion Liquidations in Longs ๐
1. Oversold Market ๐:
The market is currently in an oversold condition, indicating that prices have fallen significantly in a short period. This often leads to panic selling and further declines as traders rush to offload their positions.
2. BTC in Steady Decline ๐:
Bitcoin (BTC) continues its downward trajectory, showing no signs of reversal. This steady decline in BTC price contributes to a negative sentiment across the entire cryptocurrency market.
3. ALTs on Declines ๐ & Panic Selling:๐ฉธ
Altcoins (ALTs) are experiencing severe declines, exacerbated by panic selling. This desperation among altcoin holders further pressures prices downward, creating a vicious cycle of declining values and increased sell-offs.
4.RSIs on Constant Low Levels ๐:
Relative Strength Index (RSI) indicators for many cryptocurrencies remain at persistently low levels. This suggests that the market is experiencing prolonged periods of overselling, with no immediate signs of recovery.
5. Huge Number of New Coins Entering the influx of new coins each month dilutes the market capitalization, making significant price pumps less frequent and harder to achieve.
6. BTC Dominance is Still in Large and Up Trend ๐Despite the overall bearish trend, Bitcoin's dominance in the market continues to rise. This indicates that while altcoins suffer more significantly, BTC maintains a relatively stronger position, drawing more investor focus.
7. BTC Halving Already Priced In Since January or Earlier The anticipated effects of the BTC halving have been factored into the market since early in the year. This early pricing-in means that any potential bullish effects from the halving are already reflected in the current market prices, leaving little room for upward movement.
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