Selling Pressure Intensifies in Crypto Market: Bitcoin and Altcoins Signal Decline

The news headline points to rising selling pressure in the market, which could create a negative sentiment in the short term. Technical indicators support this view: the RSI is weak at 46, the MACD is below zero and in negative territory despite being above the signal line. The price is just above the 20-day moving average (60,993) but well below the 50-day average (62,385). This makes a short-term recovery unlikely and suggests the downtrend may continue. However, the 20-day average could act as a nearby support level, so the pace of the decline may be limited.

ETH has declined 4.6% over the past 24 hours to $1,573. The RSI at 40.7 has fallen below the neutral zone but is not yet in oversold territory, suggesting further downside potential. The MACD line remains below the signal line and in negative territory, confirming weak momentum. The price is trading below both the 20-day and 50-day moving averages, indicating a short-term bearish trend. Selling pressure and bearish signals in the news headline align with the technical outlook, supporting a bearish bias in the near term.