PANews reported on December 16th that, according to CoinDesk analysis, 75 of the top 100 cryptocurrencies by market capitalization are trading below their 50-day and 200-day simple moving averages (SMAs), indicating overall weakness in the digital asset market. Bitcoin's price has fallen from its all-time high of over $126,000 in early October to $87,000, driving capital outflows from the market. Major cryptocurrencies such as Ethereum, Solana, BNB, and XRP, representing 78% of the $3 trillion crypto market capitalization, are also trading below key moving averages, further dragging down market sentiment.

In contrast, only 29 stocks in the Nasdaq 100 index showed similar weakness, indicating that technology stocks still have market breadth. Bitcoin typically moves closely with the Nasdaq, amplifying downward volatility during bear markets.

Currently, only eight cryptocurrencies are showing oversold conditions on the Relative Strength Index (RSI), including PI, APT, and ALGO, indicating that most tokens may still have room for further decline. Analysts believe this market performance may foreshadow continued pressure on the crypto market in the short term.