Crypto Market Under Pressure as Stablecoin Dominance Hits Critical Levels

The cryptocurrency market is facing a challenging weekend, as key indicators point to a continued bearish trend. Stablecoin dominance has crossed above the TBO fast line at 10.213%, and if it reaches 10.5% or 10.6%, it could confirm further downside for the broader crypto market.

Bitcoin's daily candle has printed a second TBT bearish divergence, which, combined with its RSI cutting below recent pullback lows, indicates a high likelihood of further price declines. The on-balance volume and raw volume are holding up, but the support fan break is becoming increasingly difficult to dismiss.

Several altcoins, including Ethereum, are showing signs of weakness, with ETH breaking down from its daily structure and RSI approaching 32.79. Other names in MooninPapa's watchlist remain vulnerable unless bulls reclaim momentum quickly.