At the Edge of the Abyss

Over the weekend, we've seen risk-off action persist following hotter-than-expected inflation data.

Following the Ethereum merge, most coins have sold off rather aggressively. Bitcoin now lies on a key level of support at its year-to-date lows, while a large number of altcoins have already made new lows.

For us to flip to a more bearish approach, we'd need to see Bitcoin confirm this internal weakness, which would manifest through a downward break of the 18,000 support band.