BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.
Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.
The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.
Luna Foundation Guard is emptying its crypto reserves to bring its stablecoin back to its $1-peg, risking a massive AVAX selloff.
BTC and many altcoins are fast approaching the “capitulation phase,” which is typically followed by the market finding a bottom.
The total value locked inside the Anchor Protocol's liquidity pools reached an all-time high earlier this week.