The cryptocurrency market is giving off deep bearish signals as the end of the year approaches.
At the time of writing, TradingView data showed that 75 of the top 100 coins by market value were trading below their 50- and 200-day simple moving averages (SMA), indicating widespread weakness in the digital asset market.
This indicates a flight of capital from the cryptocurrency market following the decision of the bitcoin industry leader. falling to $87,000 from a record high of over $126,000 in early October.
The 50-day and 100-day SMAs filter out daily noise and smooth out price action to detect broader momentum swings, and are widely followed by traders and investors. Think of these as guardrails: crossing below both signals indicates poor performance against short- and long-term trends, often triggering intensifying sales and accelerating declines.
In stark contrast, only 29 Nasdaq 100 stocks reflect this weakness, highlighting the breadth of the still bullish market for technology stocks. Bitcoin is known to closely follow the movements of the Nasdaq, amplifying downward swings in bearish phases.
The bear’s grip tightens
Among the 75 trading below key averages are heavyweights like bitcoin and ether. solarium BNB and which together control 78% of the $3 trillion market capitalization of cryptocurrencies.
In other words, the largest coins flash red on the charts, dragging the entire sector down like an anchor on a sinking ship.
These are the most liquid and institutionally traded assets, powering products like CME futures and spot ETFs. A bearish signal from them indicates caution, making investors much less willing to chase risk into smaller, illiquid alternative cryptocurrencies.
This type of weaker market breadth has historically brought more pain.
Only 8 coins oversold
Only eight of the top 100 coins rate as oversold on the Relative Strength Index (RSI) when filtering out the 75 that are already trading at their 50- and 200-day SMAs. These are PI, APT, ALGO, FLARE, VET, JUP, IP, KAIA.
This layered view sharpens the picture: the broad break of the SMA shows widespread bearish trends, but adding the RSI oversold filter, which measures exhausted selling momentum, reduces it to just 8. It means that most coins are not yet hitting panic bottom and have room to fall further.
Traders see this as bearish confirmation, pointing to further downsides before any significant bullish revival.
The 14-day RSI measures recent price momentum on a scale of 0 to 100. Readings below 30 are said to represent oversold conditions, a sign that the asset has fallen too quickly and may consolidate or rebound. Meanwhile, readings above 80 represent overbought conditions.
