The cryptocurrency market has been experiencing a decline over the last week, with all major cryptocurrencies posting losses. Bitcoin, the reference asset for the market, has reached weekly lows near $70,000, indicating a lack of demand appetite in the market.
From a correlation standpoint, the relationship between major cryptocurrencies and Bitcoin has increased again, with correlation coefficients above 0.85 over the last 20 trading sessions. This reflects a strong positive relationship between BTC and the rest of the market, suggesting that the selling bias is becoming a relevant factor in the broader market.
The chart structure for Bitcoin is being called into question by recent weakness, which could shift the focus towards a stronger selling bias in the coming sessions. The RSI remains below the neutral 50 line, and the MACD continues to show a histogram below the 0 line, indicating selling dominance.