From over $39k to reaching as low as $29944 in the last 6 days, bitcoin is at the lowest level since July 2021. Among sinking global markets and rising inflation, apparently the risk appetite of investors is diminishing.

The stock and crypto markets are experiencing broader sell-offs due to macro-economic factors such as interest rate hike by central banks, war crisis & recession fears.

The daily RSI has fallen below 25 for the first time in almost 4 months and the next immediate support for BTC is expected to be around $28.6k levels.

The Relative Strength Index (RSI) is a measurement used by traders to assess the price momentum of an asset. The basic idea behind the RSI is to measure how quickly traders are bidding the price of the asset up or down. The RSI plots this result on a scale of 0 to 100. When trading with the RSI an RSI of over 70 is considered overbought. When it is below 30 it is considered oversold. 

The total market cap of btc is down below $600 billion , which was around $910 billion at the beginning of the year. However, its dominance in the crypto markets continues to remain around 42 per cent.

What's even more surprising is the volume of BTC traded in the last 24 hrs, as you can see from chart is over $65B.

Meanswhile alts are bleeding even worse. Shiba Inu, Doge, Eth, Sol and Avax were trading with cuts in mid teens. About 40 among the top 100 crypto tokens posted double-digit cuts.