Why is the crypto market crashing?

Cryptocurrency markets have lost $230 billion in market capitalization in just six days. This move comes as Bitcoin shed 11.65% from its all-time high of $73,949 in the last five days. The AI category of altcoins contributed the most to the recent crash by losing 41% of their value in the past week. But the recent move suggests that the upward momentum is dissipating and a correction looms.

From the start of 2023, the pioneer crypto has shot up 347%. BTC/USDT 1-day chart Why is the crypto market crashing? On the weekly time frame, Bitcoin price has created a bearish swing failure pattern . Since this SFP led to BTC closing below the previous ATH of $69,000, investors should exercise caution. As mentioned in the previous article, BTC’s momentum is slowing down, which could be one of the main reasons why the market is crashing.

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