$BTC 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
- $XPL is also 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.
butt
- 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.
- @Plasma will pump soon in my opinion cuz XPL is now extremely oversold and when this happens major whales get in. I am hoping to see an upward move of Plasma soon.
