The cryptocurrency market is bleeding as BTC lost its 20-day support. The latest decline is seen in the crypto market, which lost almost 6% in the last 24 hours.
Amidst the downtrend, some analysts are calling the latest decline a scam. One such is Gumshoe, who noticed a pattern in the declines a day before FOMC. They said that these days, Bitcoin has lost almost 10%. The same pattern played out in the last four meetings, leading to claims that such downtrends are coordinated dumps.
As the top ten bleeds, the biggest loser in the top 100 is NOT, which lost over 17% in the last 24 hours. UNI follows closely, with losses exceeding 16%.
Amidst the current declines, will the market recover? The analyst quoted earlier believed it would and based their assertions on previous trends.
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BTC/USD
Bitcoin is grappling with negative fundamentals at the time of writing. It dropped to its lowest since May 20. The decline started at $69,500, with the asset rebounding at $66k, ending its flight above $68k.
The latest decline is a sign that volatility finally returned to the market following more than three days of absence. Nonetheless, it marks the second significant decline since the over 2% decline on Friday. As with the current, fundamentals were also responsible for that decline.
Nonetheless, it is worth noting that the coin has been experiencing significant bearish actions over the last five days. The moving average convergence divergence started printing negative signals on Thursday when the first red candle appeared.
The 12-day EMA started its descent in response to that price action. The next day, it intercepted the 26-day EMA, which added to the most recent decline. Additionally, the smaller exponential moving average sinks lower due to the most recent trend. RSI also dropped below 50 for the first time since May.
The $66k support will continue to hold this week. The bulls will also attempt to reclaim $68k.
