$BMT fell 6.81% in 24 hours due to bearish technical signals, reduced altcoin momentum, and profit-taking after recent ecosystem updates.
Key resistance rejection at $0.080 pivot point
Altcoin dominance decline (-18.6% weekly) amid market-wide risk-off shift
Low liquidity (turnover ratio 0.535) amplified selling pressure
Deep Dive
1. Technical Context
BMT broke below critical levels as bearish momentum intensified:
RSI14 at 33.36 (neutral but weakening) and RSI7 at 23.77 (oversold)
Trading below all key moving averages: 7-day SMA ($0.083) and 30-day SMA ($0.091)
Immediate resistance at Fibonacci 78.6% retracement ($0.09157) aligns with July 28 swing high
The MACD histogram turned positive (+0.00046744), suggesting potential short-term stabilization, but the MACD line (-0.00618) remains below the signal line (-0.00665), reflecting lingering bearish bias.
2. Market Dynamics
Crypto-wide headwinds pressured altcoins:
Total market cap fell 4.15% in 24h ,
Altcoin Season Index dropped to 35 (-18.6% weekly), signaling capital rotation to Bitcoin
Fear & Greed Index at Neutral (57), down from Greed (62) yesterday
BMT’s 11.15% volume increase suggests distribution rather than accumulation, with holders likely trimming positions amid broader uncertainty.
Conclusion
BMT’s decline reflects technical breakdowns and sector-wide caution, though oversold RSI7 hints at possible near-term consolidation.