Bitcoin bleeding continues amid selling pressure and negative technical indicators

The cryptocurrency market is experiencing a sharp decline as the total market capitalization stabilized at 2.41 trillion dollars, with Bitcoin dominance at 52.4%. Bitcoin technical indicators show a highly negative (Bearish) outlook, as the Relative Strength Index (RSI) recorded a very low level of 19.6, indicating severe oversold conditions, while the price trades below the 50-day and 200-day moving averages (76,933 and 79,124 respectively). This drop was accompanied by reports suggesting a repetition of the 2022 bear market pattern, as the price retreated to levels of 65,800 dollars amid fears of breaking key support levels that could push the currency toward the 50,000 dollar zones, especially with the liquidation of massive long positions in altcoins such as XRP. On the economic front, published US data showed notable divergence; while the ISM Services PMI figures came in at 54.5, exceeding expectations, the slowdown in GDP growth to 1.6% (lower than the expected 2%) and job openings recording 7.618 million added pressure on financial markets. An inverse correlation of -0.46 is observed between Bitcoin and the S&P 500, reflecting crypto's decoupling from traditional equity performance during the current downward wave. In contrast, exceptional movements emerged in some small-cap coins like KARMA, which achieved astronomical gains, while large-cap coins like Bitcoin Cash suffered losses exceeding 12%, reflecting a shift in liquidity toward specific projects amid a state of general market panic.