Bitcoin loses its grip on $100k as altcoins slip into the red

CRYPTO markets are in a rough patch this morning, with few tokens in the green.

The Sandbox (SAND), Axie Infinity (AXS), and Arbitrum (ARB) are leading the losses, each down by double digits.

Bitcoin is off by nearly 2%, retreating from its recent flirtation with the $100,000 level, amid elevated trading volumes signalling ongoing volatility. Ethereum has also slipped, losing roughly 4% over the same period.

XRP and Dogecoin, both of which delivered strong returns over the past month, are also experiencing sharp declines.

The long-anticipated market turbulence that traders have been cautioning about appears to have materialised. Whether this sets the stage for consolidation or opens the door for further downside remains to be seen.

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In the Markets

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Total crypto market cap

$3.47 trillion (-3.95%)

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What Bitcoin did yesterday

Daily high $100,288  |  Daily low $94.752

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Bitcoin market capitalisation

$1.92 trillion (-1.25%)

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Bitcoin 24-hour trading volume

$117 billion (+112%)

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SP500

-0.61%

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Fear and Greed Index

Greed

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin Relative Strength Index (RSI) (14)

44

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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