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Bitcoin just dropped below its 2021 ATH, while alts are in free fall. Here’s why:
1. Everything is dumping
- Stocks are dumping today - Precious metals are dumping - Oil prices are dumping
This is a sign that investors are exiting risk assets, and crypto is going down with them.
2. Too much FUD
- Epstein is Satoshi - Saylor will go bankrupt - USDT is depegging - Quantum will kill Bitcoin - Tom Lee will sell ETH
All these FUD narratives are hitting at once, forcing panic selling.
3. Weak job data
- January job cuts soared 118% YoY, now at the highest level since 2009. - JOLTS job openings came in far below expectations, signaling a weak labor market. - Yet the Fed remains hawkish and is pausing rate cuts.
This is raising recession fears, triggering a broad market sell-off.
My thoughts - The crypto market is deeply oversold. - Bitcoin’s weekly RSI is lower than during the FTX crash, and alts are heavily oversold too. - The market looks very close to a bottom. #MarketSentimentToday #Market_Update
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