Summary
TLDR: The total crypto market cap and Bitcoin fell after reaching yearly highs, showing weakness with bearish divergences in RSI. SATS is holding above support but may face a decision to bounce or break down soon. Trading predictions indicate potential decreases or increases based on current levels.
Key Points
1. The Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) fell after yearly highs. SATS (1000SATS) is holding on above support.
2. TOTALCAP Shows Weakness: The cryptocurrency market cap has been moving upward since January 22, reaching a new yearly high of $1.95 trillion on February 20. However, a bearish divergence in the six-hour RSI preceded a slight decrease, indicating potential further downward movement towards the 0.382 Fibonacci support level at $1.80 trillion.
3. Bitcoin Deviates Above High: Bitcoin price increased to a new yearly high of $53,000 on February 20 before falling back towards the $50,800 support. A bearish divergence in the two-hour RSI preceded this decrease, suggesting a potential 6% decline to the closest support at $48,500.