Crypto Markets: Bitcoin on the Decline, Altcoins Staying Weak

Bitcoin lost 1.5% from its peak last night, failing in its attempt to reclaim the $94,700 level. This situation reinforces a downward trend that has been ongoing since the beginning of October.

CoinDesk 20 index fell by 1.6% as of UTC midnight. During this period, Bitcoin dominance increased, highlighting the continued weakness in the performance of altcoins.

The average relative strength index (RSI) in the markets is measured at 38.49. This value indicates that the market is oversold, suggesting a potential short-term recovery could occur without any positive year-end effects.