$BTC Crypto Markets Today: Bitcoin drifts lower as bearish trend persists
Bitcoin slipped overnight, dragging the broader crypto market lower as traders remained cautious with few external cues to provide direction.
BTC dropped 1.5% from its overnight high, with failure to reclaim $94,700 last week reinforcing a downtrend marked by lower highs since early October.
The CoinDesk 20 has lost 1.6% since midnight UTC, while bitcoin dominance rose, underscoring continued underperformance across altcoins.
The average crypto RSI sits at 38.49, suggesting the market is oversold and could be due a short-term relief rally despite the absence of clear year-end catalysts.
The crypto market slipped overnight, with bitcoin
$86,895.36
dropping 1.5% from the high it hit in the early hours of Wednesday.
The broader market followed suit. The CoinDesk 20 (CD20) fell 1.6% since midnight UTC with all members of the index declining.
Bitcoin's sell-off after failing to break above $94,700 last week has extended a downtrend that started in early October with a series of lower highs.
In order to break the bearish trend and stage a recovery, the largest cryptocurrency needs to trade back above $95,000 and ideally $98,000, although year-end catalysts remain absent.
Much of the market is, however, in "oversold" territory according to the average crypto relative strength index (RSI), which is at 38.49/100, indicating the potential for a short-term relief rally.
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