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The cryptocurrency market shows new symptoms of weakness as bulls and bears battle for supremacy. Investors have recently lost about $150 billion, with the cryptocurrency market valuation falling from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins failed to maintain their upward momentum and continue to tumble due to a lack of trading volumes in spot and futures markets.
Has the market trend shifted as cryptocurrency attempts to overcome macroeconomic concerns? The Crypto Fear & Greed Index has shown a shift in trend and attitude since May 6. The index fell from 71 to 64 in three days, with technical charts indicating weakness.
Crypto market selloff as Bitcoin price loses momentum
Bitcoin's price fell below $62,000 in US hours as traders took profits or liquidated long positions. The Bitcoin price has fallen by more than 5% this week, with a 1% loss today, May 8. Trading volume has decreased considerably in the recent 24 hours, Coingape reported.
Bitcoin fell due to various factors, including hawkish pronouncements from Fed officials such as Neel Kashkari, a regulatory crackdown, an impending option expiry, and weak trends. Despite Fed Chair Jerome Powell's dovish comments and favorable economic data from last week, the recent remarks have spooked the cryptocurrency market.
The maximum pain price for Bitcoin this expiry is $62,000, and traders expect a crash if the BTC price falls below that level. Pull bets are particularly strong on the days after expiry, with important levels of 62,500 and 60,500 to watch. Despite this, economists remain hopeful about Bitcoin's price rise this year as stagflation concerns subside.
Meanwhile, the US dollar index (DXY) rose three days to 105.50, its highest level since mid-November. Traders are waiting for fresh comments from Fed officials on market direction and the economic outlook. According to current evidence, the Fed will likely decrease interest rates in September.
Furthermore, the US 10-year Treasury yield (US10Y) rose today to 4.481%. As Bitcoin swings in the opposite direction of the DXY and Treasury rates, the increase in numbers suggests that pressure on Bitcoin remains high.
Bitcoin is consolidating and has to break above $63,700 immediately to recover and $70,000 to surge, effectively ending the crypto market selloff. BTC's supremacy is presently 53.4%.
Cryptomarket Liquidation
According to Coinglass data, over the last few days, more than $400 million was liquidated in the cryptocurrency market. Long positions were $330 million, while short positions amounted to approximately $70 million.
Over 65K traders were liquidated in the last 24 hours, with the highest single liquidation order on the crypto exchange OKX when someone swapped ETH for USD for $3.86 million.
Ethereum (ETH) prices fell below $3,000, causing sluggish trading and a selloff in altcoins. Prices for Solana (SOL), BNB, XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have all fallen 2-6% in the last 24 hours.
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