Accelerating Headwinds Impact Cryptocurrency Market
- Market Value Decline: The cryptocurrency sector experienced a staggering loss of $390 billion in just one week, with the current market capitalization slightly above $2 trillion, a stark contrast to the $4.2 trillion valuation in October, highlighting the extreme volatility and shifting dynamics of the market.
- Bitcoin and Ethereum Plunge: Bitcoin fell by 17.3% and Ethereum by 22% this week, marking the steepest declines since the FTX collapse in November 2022; although a slight recovery was noted over the weekend, Bitcoin remained above $60,000 and Ethereum near $1,550, indicating ongoing market instability.
- Massive Liquidations in Derivatives: CoinGlass reported nearly $7 billion in leveraged positions liquidated, with $5.7 billion linked to optimistic long positions, and peak liquidations occurring on Monday and Friday, underscoring the extreme volatility affecting the derivatives trading landscape.
- ETF Outflows Intensify Market Distress: The prominent Bitcoin holder Strategy's small-scale sale of 32 BTC unsettled the market, while outflows from Bitcoin ETFs suggest a potential shift in investor interest towards AI sectors, compounding the existing market pressures and uncertainty.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00759 | 0.0138 | 0.0195 | 0.0257 | 0.0314 | 0.0376 | 0.0433 |
| Fibonacci | 0.0138 | 0.0183 | 0.0212 | 0.0257 | 0.0302 | 0.0331 | 0.0376 |
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