Last week, most crypto markets saw moderate selling pressure following retests of critical levels of resistance.
At the same time, momentum is diverging in a bearish fashion, with our indicators putting in lower highs on this most recent high in price action.
Further, equity markets have begun to feel the pressure after selling off on a retest of resistance levels.
We’d previously noted that Bitcoin and equity indices had briefly decoupled on short time frames, pointing to resiliency on the part of crypto markets.
Last week, we saw this correlation return, with Bitcoin being dragged lower by selling pressure in risk markets generally.