Crypto: The Wild West?!

It’s been an intense start to the week, with some top 100 alts plummeting 20% since the weekly close, including coins such as FTM, RNDR, UNI, and THETA.

output: A hectic start to the week has seen some top 100 alts drop by 20% since the weekly close. This includes coins like FTM, RNDR, UNI, and THETA. Bitcoin, on the other hand, has remained relatively stable, fluctuating between $67,000 and $65,000 after breaking through a critical support level at around $67,000.

The level was also supported by the daily 50 EMA and the 4-hour 50 and 200 EMA, which has now flipped bearish with a death cross.

The bullish sentiment is also low, with Twitter users going into a frenzy on whether this drop is starting to push out the weak hands. Some might think so, but I'm not fully convinced.

If you remove the noise, you can see that on the Bitcoin daily chart, there isn't much between roughly $70,000 and $60,000. Bitcoin has mainly been trending within a consolidation/sideways channel since March.

Bitcoin Investments Decimated After FOMC

Bitcoin investment products saw a massive hit last week, with around $600 million pulled out following mixed economic signals from the U.S., as reported by CoinShares. The entire digital asset ecosystem felt the impact, driven by Bitcoin’s losses. This marks the largest outflow since March 22. Grayscale’s GBTC was hit the hardest, with $273 million in outflows.

Adding to the pressure, US inflation data continues to weigh on risk assets. The Federal Open Market Committee (FOMC) hinted that we might only see one rate cut this year, down from the originally projected three. This hawkish stance crushed the earlier optimism from better-than-expected inflation numbers.

Is the Cryptocurrency TOTAL Chart Hinting at a Further Drop?

Looking at the TOTAL Market Cap chart, it has re-entered a channel which originally started in March. Although it attempted to break out at the start of June when BTC tested the $72,000 resistance, it has since retraced within the channel.

Could this be an early indicator of a much larger drop in the overall crypto market? This is something I am keeping a close eye on.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-wild-west.html

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