Bitcoin price breaks below the key 200-weekly moving average (WMA) level causing a massive sell-off in the broader crypto market. BTC price tumbled below $26,100 briefly, after a downfall of more than 5% in the last 24 hours. Ethereum (ETH) price also fell more than 5% to below $1750, bringing a freefall in the crypto market as the selloff intensifies.
Bitcoin Price Breaks Key 200WMA
Bitcoin price has been continuously falling for seven days now and failed to hold support levels. Several factors including macro, along with crypto market uncertainty, meme coin season, and liquidity issues have put Bitcoin price under selling pressure. In fact, the problems are not over yet as May turning out to be a crucial month for the crypto as well as traditional markets.
BTC price briefly fell below the key 200-WMA level, which is considered a crucial indicator of price direction in the crypto market. Bitcoin is falling below the level after rising above the level in mid-March. Technical indicators such as Bollinger Bands and RSI indicate weakness in Bitcoin upside momentum, with a potential fall to $24,600.
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In the 1-hr and daily timeframe, BTC price is already showing patterns of further downfall. Currently, the BTC price is trading above 100 DMA and is poised to break it soon. The RSI fell to 34 today, indicating a weakness in Bitcoin.
Moreover, Ethereum (ETH) against Bitcoin (BTC) is showing weakness and altcoins are in correction. ETH/BTC failed to break the 0.069 level for a bullish move and start an altcoin season. Contrarily, ETH/BTC fell to 0.066 in th last few days.
Meanwhile, the implied volatility (IV) for ETH has hit lower, especially ETH short-term IV falling all-time low across all terms. Ethereum price risks falling to $1500 if it breaks the crucial support levels.
Also Read: Ethereum Price Risks Falling 17% Amid Strong Investor Pessimism, Implied Volatility ATL
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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