Crypto Market on Brink of Massive Capitulation : Top Indicator Predicts Major Crash

The post Crypto Market on Brink of Massive Capitulation : Top Indicator Predicts Major Crash appeared first on Coinpedia Fintech News

Bitcoin (BTC) price closed on a bearish note last week, below $67k after struggling to rally beyond the recent all-time high (ATH). The flagship coin continued with the bearish sentiment on Monday, with the weekly Relative Strength Index (RSI) dropping below 62 percent for the first time since October last year. 

The recent Bitcoin drop below 66k has increased the general crypto fear index, as the altcoin industry followed in tandem. Consequently, more than $92 million has been withdrawn from crypto derivatives trading in the past 24 hours, mostly involving long traders.

According to on-chain data analysis provided by CryptoQuant, the average incoming of all stablecoins has dropped by more than half to $40 billion. As a result, Axel Adler, an on-chain and macro researcher, believes the notable drop in stablecoins volume is a bearish signal for the entire crypto market.

The average incoming volume of all stablecoins (Ethereum ERC-20) has dropped by 2.1 times from $84 billion to $40 billion. This is a bearish signal for the market.

A drop below $30 billion will be considered a deep correction phase. pic.twitter.com/pBCKrCpnRG