Today’s market session is witnessing a significant show of power by the bears, as evidenced by the drop in global market capitalization. The total cap currently stands at $2.25T, marking a 4.2% decrease over the past 24 hours, while the trading volume has surged to $69.7B, representing a 124.7% increase over the same period.
Bitcoin (BTC) has failed to gain ground in today’s session, with the Supertrend indicator showing a bearish trend and the price consistently below the Supertrend line. However, the RSI is approaching the oversold region, suggesting potential buying opportunities if the price reverses. As of now, Bitcoin is trading at $61,167, reflecting a 4.8% decrease over the past 24 hours.
Ethereum (ETH) is also experiencing a downtrend, as indicated by its price movements. The Ethereum price has broken below the lower Bollinger Band, signaling high volatility and a possible reversal. Additionally, the ADX is above 25, indicating a strong bearish trend. At present, Ethereum is trading at $3,302, showing a 5.2% decrease over the last 24 hours.
Ripple (XRP) is also failing to make gains in today’s session, with the price below the Ichimoku Cloud and the cloud itself being red, reinforcing the bearish sentiment. The Woodies Commodity Channel Index (CCI) further confirms the bearish momentum. Ripple is currently trading at $0.4798, marking a 0.73% decrease over the past 24 hours.
Immutable (IMX) is also experiencing a decline in today’s session, with the Alligator indicator showing a bearish trend and the Volume Oscillator indicating decreasing trading volume. As of now, Immutable is trading at $1.47, reflecting a 3.4% decrease over the last 24 hours.
BakeryToken (BAKE) is another loser in today’s session, with the price breaking below the lower line of the Pitchfork, indicating a strong bearish trend. However, the RSI is in the oversold region, suggesting potential buying opportunities if the price reverses. Currently, BakeryToken is trading at $0.2797, marking a 19.82% decrease over the past 24 hours.
