Bitcoin Price Action and Technical Levels
Bitcoin has plunged 12% in three days, reaching $69,163 and threatening a lower local low on the daily RSI after multiple TBO breakdowns. On the weekly timeframe, two artificial supports have been breached and BTC is retesting its 2021 cycle high at $69,000. The price sits at the bottom of the weekly Ichimoku Cloud and is poised to break below, which historically signals the start of a measured downswing similar to 2018 and 2022.
For traders holding short positions, incremental profit-taking down to $35,000 remains prudent, though there is no immediate pressure to close positions while momentum favors further downside.
Ethereum Outlook
Ethereum’s decline mirrors Bitcoin’s, with ETH on track to close below the $2,111 artificial support level. The bearish moving average on the on-balance volume indicator underscores sustained selling pressure, suggesting the current leg down is only beginning. Outlook remains for a move toward $1,000 by the conclusion of this bear cycle.
Market Dominance Shifts
Combined stablecoin dominance has surged, confirming a second TBO breakout on the weekly chart. Short-term targets sit at 13%, with potential extension toward 18% if Bitcoin continues to deteriorate. Conversely, Bitcoin dominance has slipped below short-term support, while Top 10 altcoin dominance prints back-to-back TBO breakdowns, reinforcing the bearish bias for major altcoins.
The TOTALES.D chart, which inversely tracks stablecoin dominance, is in a second weekly TBO breakdown with an initial target at 86%. Market cap analysis shows total capitalization falling beneath the weekly Cloud and entering deeply oversold RSI territory, paralleling the May-June 2022 bear low dynamics. The smaller-cap OTHERS segment has broken daily TBO support, but the temporary strength in OTHERS/BTC above the daily Cloud is likely to reverse once its RSI trendline fails, accelerating altcoin losses relative to Bitcoin.
Traditional Markets and Volatility
The Dow Jones Industrial Average extended its decline into the Ichimoku Cloud, remaining in bearish consolidation without new weekly reversal signals, though further weakness is anticipated. The S&P 500 also faces downside risk as implied volatility (VIX) rebounds into the low 20s, yet has not entered its defined rejection zone.
Precious and Industrial Metals
Gold experienced a sharp sell-off back to its Fast line, while silver plunged to the 1.272 Fibonacci extension at $73.97 and appears set to register a second TBO close-long—warning of a near-term reversal. Despite these signals, higher prices remain the longer-term expectation, albeit with an extended consolidation period ahead. Platinum and copper are entrenched in bearish consolidation below their Clouds, and uranium has slipped into its daily Cloud, signaling further downside risk. Notably, the PAXG/BTC ratio continues to climb as gold outperforms Bitcoin.
Altcoin Movements
XRP has accelerated lower, ADA is attempting a third daily TBO breakdown, and privacy coins ZEC and XMR remain in strong bearish mode. HYPE appears to have topped out after daily RSI support was lost and a failure to close above the daily Cloud, presenting a compelling short entry. Concurrently, CC and STABLE are retracing to their daily Fast lines, offering first profit targets for short-sellers and, for daring bulls, potential springboard bounce opportunities in a challenging market environment.
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