Sergei Gorev, risk manager at YouHodler, said that as two important moving averages, a "death cross" has formed between the 50- and 200-day moving averages, indicating that the cryptocurrency market, despite a brief rally, could still fall further. Furthermore, BRN analyst Valentin Fournier said: "The decline in bitcoin unpositioned squaring contracts has outpaced the decline in token prices, indicating a decrease in investor confidence and interest as volatility remains high. Trading volumes are also lower than most weekends, indicating that a small sell-off has not been supported by strong bear market action."