Bitcoin short-selling pressure intensifies! 75% of the top 100 cryptocurrencies have fallen below the 50-day and 200-day moving averages, according to TradingView data. Among the top 100 cryptocurrencies, 75 have prices below the 50-day and 200-day simple moving averages (SMA), indicating strong bearish signals. Core cryptocurrencies Bitcoin, Ethereum, Solana, BNB, and XRP are all breaking down, collectively accounting for 78% of the total market capitalization, dragging the overall market down. In comparison to the Nasdaq 100, only 29 stocks exhibit similar weakness, and the breadth of tech stocks still leans bullish. BTC is strongly correlated with the Nasdaq, often amplifying fluctuations during downturns. Only 8 cryptocurrencies (PI, APT, ALGO, FLARE, VET, JUP, IP, KAIA) show an RSI below 30, indicating oversold conditions, while most cryptocurrencies still have room to decline, and panic bottoms have not yet been reached. Breaking the 50/200-day SMA = weak short-term + long-term trends, usually triggering accelerated selling. As the year-end approaches, market breadth is deteriorating, and the risk of chasing small coins is high. Bulls should be alert: there may be another wave of downward probing before a rebound. What do you think of this adjustment?
