It has come to the conclusion of many crypto-traders that sometimes technical analysis does not work when dealing with the crypto markets. All the technical stuff gets thrown out the window because the market sometimes operates on news and FUD. It is with the latter situation that we are still suffering from the gut wrenching blow that was the delay of the Bitcoin (BTC) ETF.
Before the announcement was made, the total crypto market capitalization stood at $255 Billion. We are now at $191 Billion at the moment of writing this: a drop of 25% in a week. BTC was also at $7,100 before the SEC announcement. It has since touched $5,990 a few minutes ago: a drop of 15.6%. Ethereum (ETH) has been hit the hardest by falling from $410 to a new low of $259 in just the same time frame: a drop of 37%.