Why is the crypto market down today?
The crypto market's recent drop is due to a normal bull market correction and potential delays in the Spot Bitcoin ETF approval.
Price action across the cryptocurrency market is seeing downside in recent days, led by declines in top-ranking cryptocurrencies, Bitcoin
BTC
As of Nov. 15, the crypto market's net capitalization was down over 6% to $1.32 trillion when compared to its local high of $1.41 trillion from two days ago.
Why is the crypto market down?
The recent decline in the crypto market can be attributed to several factors, as explained below.
"Overbought" correction
The crypto market's recent decline occurred largely due to its excessively overbought conditions.
Notably, all the major cryptocurrencies witnessed their daily relative strength index (RSI) indicator crossing and staying above 70, which is a bearish sign. Simply put, an overbought RSI dampens the buying demand for assets at their local highs, leading to pullbacks.
