Bitcoin (BTC) and altcoins have continued to struggle with sharp declines since October.
At this point, expectations of a Christmas rally have been shelved, and the cryptocurrency market is showing serious signs of decline towards the end of the year.
At this point, data also reveals that 75% of the top 100 cryptocurrencies are trading below their key moving averages.
According to data compiled by market analyst Omkar Godbole, 75 of the top 100 cryptocurrencies by market capitalization are trading below both their 50-day and 200-day simple moving averages (SMA).
According to the analyst, this indicates a general weakness in the cryptocurrency market.
The analyst noted that 50-day and 200-day SMAs are widely followed by investors, and that a price drop below both indicates underperformance against short- and long-term trends, often leading to intense selling pressure and accelerated declines.
According to the data, major cryptocurrencies such as Bitcoin, Ethereum (ETH), XRP, and Solana are underperforming their key averages, damaging risk appetite.
On the other hand, the analyst notes that despite the deepening decline, the Relative Strength Index (RSI) shows that only eight of these cryptocurrencies have entered the oversold region.
When the analyst ranked these eight altcoins (Pi (PI), Aptos (APT), Algorand (ALGO), VeChain (VET), Jupiter (JUP), Story (IP), FLARE, and KAIA), the fact that the RSI indicator entered the oversold region indicates that these altcoins are falling faster than the market, and may remain in consolidation or experience a rebound in the short term.
On the other hand, the fact that only eight altcoins have entered the oversold zone according to the RSI indicator suggests that most of the remaining cryptocurrencies have not yet reached panic lows and may have the potential to fall further.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/these-data-are-alarming-for-bitcoin-btc-and-altcoins-only-eight-altcoins-show-positive-growth/
