Bitcoin’s (BTC) Distressing Technical Picture

BTC-USD presents a quite worrying technical picture. The pair has plunged to the June lows amid a bearish wave.

Market Picture

Bitcoin lost around 8.8% within the past seven days, closing the previous week near $19.7K. However, Monday saw extended losses, plunging the leading crypto to the $18.5K mark. Bitcoin lost more than 7.77% within the past 24 hours.

That had the entire crypto market collapsing. Ethereum surrendered about 25% within a week to explore the $1.3K mark. Top alts lost between 10% (Dogecoin and Solana) and 19% (DOT). XRP noted a modest loss, dropping by 0.5% over the past week.

Meanwhile, the overnight losses had the overall crypto market capitalization sliding well beneath the coveted $1 trillion mark. Coinmarketcap data shows this metric dropped 14% within the previous week to $902 billion.

Moreover, the crypto fear and greed index dipped into the extreme fear today, reading 21/100.

Escape from global market risks pressure BTC within last week. Also, Ethereum underperformed, swiftly erasing the speculative boost gained before the proof-of-stake migration.

BTC-USD’s local technical outlook remains quite distressing. The leading pair has plunged to its June lows, where BTC spent some hours amid the long squeeze.

Bitcoin launched the downside trip early last week, following higher-than-anticipated United States inflation, increasing the chances of stiffer financial tightening in the Fed’s meeting this week.

BTC/USD confirmed the bear market following the active sell-off after hitting the substantial MAs – 50-day & 200-week MAs.

The latter, which previously highlighted long-term crypto market growth, capitulated in June. Meanwhile, it has served as a selling level in recent months, intensifying the conviction that BTC trip to $10K will be sooner than upsides to $30K.

Background News

Ethereum’s migration to a new consensus last week succeeded, reducing the platform’s electricity consumption by 99.95%. Nevertheless, the altcoin didn’t fulfill the bullish expectations amidst the upgrade.

Meanwhile, Binance CEO Changpeng Zhao advised market players to remain patient as the proof-of-stake impacts might take time. However, SEC’s chair Gary Gensler warned that the Merge could make Ethereum a security asset from a lawful standpoint.

Stay tuned for the latest cryptocurrency news.

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