It is a little bit interesting because this is the same price action that we saw the weekend after SEN was shut down. You should know Silvergate Exchange Network was often used by institutional investors to deposit and withdraw money from the crypto market. It appears that the shutdown of Silvergate Exchange Network and the subsequent shutdown of signature banks signet has limited the power of big players to get direct exposure to the cryptocurrency market in the United States. Now that institutional investors are finding it difficult to access the cryptocurrency market directly is making it easier to push the crypto market up or down with less money.
All the stuff that is going on could also mean that we are going continue to see an unusual price action outside of regular trading hours in the US. It will also make it very hard to use technical analysis due to the fact the that there will be less price action that can be analyzed even but the technical analysis can still work in the longer time frame. If you check the Bitcoin monthly chart, you will see that BTC completed a bull flag last month. Of course, the short-term BTC price action let us know that it is losing momentum and this could be the reason why some traders are shorting the market. You should know ETH is showing weakness against BTC because ETH closed beneath the Bollinger band last month for the first time since early 2020. What the action price of the cryptocurrency market will be this month will depend on all the upcoming macro and crypto factors.