Bitcoin slump deepens as most of top 100 tokens fall below key trading signals
Crypto's bear grip squeezes tighter as 75 of top 100 coins trade below 50- and 200-day SMAs.
By Omkar Godbole, AI Boost|Edited by Sam Reynolds.
Trading screen with price monitors and charts (Yashowardhan Singh/Unsplash)
Most tokens trade below key averages. (Yashowardhan Singh/Unsplash)
Read More
What to know:
75 of the top 100 coins trade below their 50-day and 200-day simple moving averages.
Major cryptocurrencies like bitcoin, ether, and solana are underperforming the key averages, denting risk sentiment.
Only eight of the top 100 coins are considered oversold, indicating that most coins may still have room to fall further.
The cryptocurrency market is flashing deep bearish signals as the year-end approaches.
As of writing, data from TradingView showed that 75 of the top 100 coins by market value traded below both their 50-day and 200-day simple moving averages (SMAs), indicating across-the-board weakness in the digital asset market.
This indicates capital flight from the crypto market in the wake of industry leader bitcoin's
BTC
$87,191.47
slide to $87,000 from the record high of over $126,000 in early October.
The 50- and 200-day SMAs filter out day-to-day noise and smooth out price action to spot broader momentum shifts, and traders and investors widely track them. Think of these as guardrails: crossing below both signals underperformance against short- and long-term trends, often triggering intensified selling and accelerated declines. $SOL
