Bitcoin (BTC), Ethereum (ETH), and Other Major Altcoins See Red as Bears Dominate the Market

Bears are showing massive dominance in today's session, as seen from the drop in the global market cap.

The global cryptocurrency market cap dropped by 4.2% over the last 24 hours, standing at $2.25T as of press time. The trading volume, however, increased by 124.7%, standing at $69.7B over the last 24 hours.

Bitcoin, the leading cryptocurrency, failed to post gains in today’s session, with the Supertrend indicator showing a bearish trend and the price moving below the Supertrend line. On the other hand, the RSI is close to the oversold region, indicating potential buying opportunities if the price reverses. As of press time, Bitcoin trades at $61,167, showing a 4.8% decrease over the last 24 hours.

Ethereum is also not a gainer in today’s session, with the price breaking below the lower Bollinger Band, indicating high volatility and a potential reversal. On the other hand, the ADX is above 25, indicating a strong trend, which is currently bearish. As of press time, Ethereum trades at $3,302, showing a 5.2% decrease over the last 24 hours.

Ripple has also failed to post gains in today’s session, with the price moving below the Ichimoku Cloud, indicating a bearish trend and the cloud itself being red, reinforcing the bearish sentiment. On the other hand, the Woodies Commodity Channel Index (CCI) shows negative values, indicating bearish momentum. As of press time, Ripple trades at $0.4798, showing a 0.73% decrease over the last 24 hours.

Immutable is also not a gainer in today’s session, with the Alligator indicator showing the mouth opening downward, indicating a bearish trend and the Alligator teeth being below the candles, reinforcing the bearish sentiment. On the other hand, the Volume Oscillator shows low values, indicating decreasing trading volume. As of press time, Immutable trades at $1.47, showing a 3.4% decrease over the last 24 hours.

BakeryToken is another loser in today’s session, with the price breaking below the lower line of the Pitchfork, indicating a strong bearish trend and the candles being below the Pitchfork lines, reinforcing the bearish sentiment. On the other hand, looking at other indicators, we see that the RSI is in the oversold region, indicating potential buying opportunities if the price reverses. As of press time, BakeryToken trades at $0.2797, showing a 19.82% decrease over the last 24 hours.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-ethereum-eth-major-altcoins-red-bears-dominate-market.html

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