Cryptocurrency Market Suffers Broad Weakness as Selling Bias Gains Strength

The cryptocurrency market has been experiencing a significant downturn in recent days, with most major assets posting losses over the last week.

According to data from StoneX and Tradingview, Bitcoin, the market benchmark, reached weekly lows near $70,000, marking a notable decline of around $2,000. This development suggests that the selling bias may be gaining strength in the market.

Bitcoin's weakness has had a ripple effect on other cryptocurrencies, with most major assets posting declines over the last seven trading sessions. Cardano was the hardest hit, falling by more than 4% during this period. In contrast, Ripple showed relatively high stability, declining by around 1.38%.

From a correlation standpoint, the relationship between major cryptocurrencies and Bitcoin has increased in recent days. The correlation coefficient remains above 0.85, indicating a strong positive relationship between BTC and other assets over the last 20 trading sessions.

The lack of demand appetite is becoming increasingly evident in the market, with no new highs appearing on charts. This environment may favor the emergence of selling biases across cryptocurrencies over the coming trading sessions.