Crypto Market Stuck in Negative Trend With Bitcoin Below $10,000

With major digital coins failing to break out meaningfully in recent weeks, crypto markets can’t seem to pull out of a funk.

Based on the DVAN Buying and Selling Pressure Indicator -- which depicts bull/bear trends -- the Bloomberg Galaxy Crypto Index appears to be stuck in a negative trend and is heading further away from the 400 level that’s previously acted as a point of resistance.

In order to breach it, the index -- which tracks major cryptocurrencies -- would need to see its two largest components, Ether and Bitcoin, rally, though the latter has seen difficulty in taking out its own resistance level of $10,000. The gauge could post further declines if it does not see a trend reversal.

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