Cryptocurrencies, precious metals, and stocks fell today after a vigorous rally that lifted the markets over the past week and a half. Signs of fatigue are emerging, with momentum slowing across several asset classes. Meanwhile, Bitcoin fell to a daily low of $102,622.
Markets are beginning to lose momentum
$BTC touched $102,622 on Wednesday during the daytime session (Eastern Time), retreating from an intraday peak of $104,836. Technical indicators such as the Relative Strength Index (RSI) indicate that the overbought area is giving way to persistent selling pressure. This follows two unsuccessful attempts to break through the ceiling at $105,000. Both BTC and $ETH lost about 1%, while losses were greater among other top tokens.
The broad cryptocurrency market fell 1.12% over the past 24 hours. Trading volume remained at $146.31 billion, reflecting Tuesday's figures. Several tokens — WAL, RAY, $PENGU and FORM — went against the overall trend and showed gains of 5% to 10%. Meanwhile, EOS, BRETT, WIF, and PI suffered losses of 9.2% to 10%.
Major U.S. indices were also lower and mixed, though the Nasdaq held slightly above amid rising bond yields. The NYSE Composite fell 0.55% to 19,614.91. The Dow Jones Industrial Average dropped 0.28% to 42,022.91, while the S&P 500 fell 0.02% to 5,885.17 as of 1:45 PM Eastern Time. Persistent recession forecasts and a tough stance from the Federal Reserve continue to exert significant pressure on investor sentiment.
Precious metals were not spared either. Gold fell more than 2% on the day, while silver dropped 1.96%. At the time of publication, silver is trading at $32.45 per ounce, and gold at $3,182. Platinum fell 0.85%, while palladium recorded a more modest decline of 0.24%, according to the latest market data. Recent waves of optimism related to trade negotiations seem to be waning. By 2:30 PM (Eastern Time), Bitcoin managed to return slightly above the $103,000 level.
