Crypto Market Weakens as Bitcoin Loses 2%, FET and SHIB Decline Sharply
The cryptocurrency market has weakened significantly over the past day, with Bitcoin (BTC) experiencing losses of over 2% and shedding nearly $600 million in liquidations. The broader crypto market is under pressure, with Artificial Superintelligence Alliance (FET) and Shiba Inu (SHIB) suffering the most significant declines.
The Fear and Greed Index from CoinMarketCap has dropped to 33, down from 39 on Sunday, indicating sustained downside pressure in the near term. This renewed sell-off pressure is evident in the $592 million in total liquidations over the last 24 hours, with long liquidations accounting for $455 million of this amount.
The technical outlook for Bitcoin suggests a bearish bias, with spot action holding below the 50-day Exponential Moving Average (EMA) at $64,960 and the 200-day EMA at $74,126. The loss of the prior upward support trendline near $76,870 reinforces this idea.
For FET, a break below its February 6 low at $0.1340 could lead to further declines toward the Fibonacci anchor at $0.0918. SHIB's decline has been sharp, with the RSI hovering near oversold territory, indicating a steep drop in buying pressure.