Why is the market down today?
The crypto market fell by 1.39% in the last 24 hours, following a strong rebound of 5.28% over 7 days and 18.47% over 30 days. The main factors behind this movement in 24 hours are: 1. Profit-taking – An overbought RSI (7 days: 86.29) and a divergence in the MACD triggered selling after recent highs. 2. Deleveraging – Liquidations of BTC amounting to $49 million in 24 hours, while open interest rose by 6.75%, amplifying the fall. 3. Slowdown in ETF flows – Flows into the Bitcoin spot ETF decreased to $363 million (down from a peak of $1.18 billion on July 10).
