With Bitcoin falling back below $90,000, the crypto market is experiencing increased selling pressure. Pepe and Raydium are among those impacted, seeing significant daily declines. What is worse, positive news likely won’t lead to a swift long-term recovery.
Despite an abundance of positive news, Bitcoin is facing strong headwinds. After a brief recovery last week, the token is back below the $90,000 mark. On March 6, Bitcoin saw a 1.5% decline, trading at $88,250.This performance is likely unaffected by major crypto-related news, including Donald Trump’s proposal for a crypto strategic reserve. Instead, Bitcoin remains under the influence of technical indicators, presenting significant resistance.For one, Bitcoin has recently hit its 20-week exponential moving average at around $89,000. This metric often acts as a price ceiling, offering significant resistance to bulls. While positive news caused it to jump above that level, the effect was short-lived.
This suggests that recovery back to its all-time high levels might be slow. For that reason, altcoins such as Pepe, Raydium, and Jupiter will also likely see headwinds in the near future.What’s Next For Pepe and RaydiumTypically a very volatile token, Pepe is down 16.79% this week, trading at $0.00000686. Over the last month, Pepe has seen a consistent bearish trend and only slightly recovered when Bitcoin reached $95k. For that reason, Pepe is facing a price ceiling at the $0.000007 level, which coincides with its 20-week EMA.
Raydium fared even worse, declining more than 75% from its multi-year high of $8.65 in January. The token briefly recovered to $3 following the crypto reserve news but swiftly corrected. Currently trading at $2.067, it is well below its 20-week EMA at $4.327. Given the persistent bearish trends in the market, it will likely continue to face pressure.Bitcoin’s slow recovery suggests that traders should remain cautious. Altcoins such as Pepe and Raydium may face increased pressure in achieving a lasting recovery. Short-term volatility in Bitcoin’s price is likely, and altcoins will amplify this volatility.READ MORE: Texas Bitcoin Reserve Bill Passes Senate After Heated Debate
