Cryptocurrency Market Faces Broader Weakness Amid Short-Term Selling Pressure

The cryptocurrency market is experiencing significant short-term weakness, with all major cryptocurrencies posting declines over the last seven trading sessions.

Bitcoin, the market benchmark, has reached new lows, falling below $60,000 and indicating a lack of confidence in the asset. This decline may be spreading indecision to the rest of the market.

Cardano is currently under the strongest selling pressure, with a drop of -31.71% over the last seven sessions. The price has broken sharply below a sideways range, bringing a long-term bearish trend line back into focus.