Crypto Market Faces Significant Downturn Amid Weakening Momentum

The cryptocurrency market has been experiencing a sharp decline, with the total market capitalization plummeting to around $2.41 trillion, down over 4%. This decline is widespread, affecting major assets across the board.

Bitcoin, once considered a safe-haven asset, has fallen below the psychologically important $70,000 level. Its technical indicators are pointing to weakening momentum, with the Relative Strength Index (RSI) falling towards oversold territory and the MACD remaining deeply negative.

Ethereum and other altcoins have followed suit, with Ethereum declining more than 7% in 24 hours. The sharp pullback highlights how quickly sentiment has shifted across the market.