Cryptocurrencies: Bitcoin Drops by 3.5%, Top 7 Cryptos Turn Red
The cryptocurrency market ends this week under significant selling pressure, with declines ranging from -2.7% to -4.6% over 24 hours for all major capitals. The seven assets tracked simultaneously display a sell signal, a uniform configuration that reflects a generalized retreat this Friday, March 6.
Major Cryptos Witness Sharp Declines
Ethereum experiences the most significant drop among the major capitals, down by 4.57% over 24 hours, falling below the symbolic threshold of $2,000 to settle at $1,980.78. Bitcoin loses 3.56% to $68,412.88, erasing part of the rebound observed at the beginning of the week, when the price briefly reached $72,666 on March 4. Solana (-3.52%, at $85.59), Cardano (-3.43%), and Ripple (-3.20%) follow this trend, while Binance Coin fares relatively better with a limited decline of -2.73%. The correlation between Bitcoin and Ethereum remains tight over the last seven days, with both assets moving in the same direction each session. However, it is noted that Ethereum amplifies the downward variations: -4.60% versus -3.67% for Bitcoin this Friday, and -2.56% versus -2.44% the previous day. The rebound on March 4 (+6.33% for Bitcoin, +7.29% for Ethereum) was short-lived, as the market reinstated a downward dynamic the following day.
Technical Indicators Show Moderate But Persistent Pressure
All the RSI readings this Friday evening range in a narrow band, from 42.14 (Ripple) to 46.43 (Bitcoin), with no asset reaching the technically oversold zone conventionally set at 30. This convergence indicates moderate but persistent pressure, without excesses likely to trigger a mechanical rebound in the short term. All prices are significantly below their 50-day and 200-day moving averages. Bitcoin is trading 9.2% below its MM50 ($75,348) and nearly 29% under its MM200 ($95,907). Ethereum shows a comparable gap, at -14.9% from its MM50 ($2,328.53). This configuration, shared by Solana, Ripple, and other followed altcoins, confirms the medium-term bearish trend that has prevailed for several weeks. On the stock markets, the VIX was at 21.15 on Wednesday, March 4, down 10.27% from the previous session, while the CAC 40 fell 0.65% this Friday to 7,993.49 points, in a cautious environment that does not provide a bullish catalyst for digital assets.
