CRYPTO DUMPING NOW! What's Happening?🚨 (Crypto Market Update)

Added: 2026-05-15

[00:00:03]Good afternoon, everybody. Welcome back to Selenex Crypto with a little bit of an urgent update on the markets right now. As you can see, we are pulling back. Um it's not disastrous, right? And my long-term bias remains bullish, but you know, we knew a pullback like this was a possibility. Spoke about this for Bitcoin for the last couple of days. I spoke about it for altcoins this morning. So, it's not a surprise. It's not a reason to be afraid. Um but that does depend. If you're 100x long right now, maybe you should be afraid. But we'll talk about the general market right now. What's going [snorts] on?

[00:00:35]What are the fundamentals looking like?

[00:00:36]What levels to look at for Bitcoin? Um we'll briefly talk about XRP and Ethereum as well, and then at the end about altcoins. Maybe with altcoins, we'll keep it general. I'm not certain if I feel confident enough to point out any altcoins at the moment that are still very strong. Um there's maybe one altcoin that I do want to point out. So, I'll I'll tell you about that.

[00:00:57]But outside of that, we'll keep it broad, right? So, we'll talk about altcoins in general, the the the altcoin market. Uh how that's doing and what to expect from that. Uh so, that's what we're going to do. As far as I know, we haven't actually gotten any news today.

[00:01:11]Uh not any major news. Uh you can also see that, and that's confirmed by the S&P 500. I mean, the S&P 500 at the moment um is down, right? So, that doesn't help. That creates uh extra bearish pressure for the markets as well. But it's not down a lot, right? I mean, we're we're still higher than where we were yesterday evening. And [snorts] Bitcoin certainly isn't at the moment. So, there's general weakness in the crypto markets. It's not necessarily something that's pushing all of the financial markets down. Um what doesn't help though is that the oil prices and volatility index are slightly higher, right? So, that creates a little bit more risk and a little bit more uncertainty in the markets. Um and although the S&P 500 isn't selling off, you know, risk-on assets potentially can sell off because of that, right? If oil prices and volatility in index keep rising, it's risky assets that sell off the first sell off first.

[00:02:03]And then later the S&P 500 follows.

[00:02:06]So sometimes that's that's lagging. But overall the fundamentals aren't super bad in the financial markets. For Bitcoin they're a little bit worse. If you look at the Coinbase Bitcoin premium right here, it's at a severe discount.

[00:02:16]And if you look at the funding rates, not great either. I mean you can see a lot of shorts coming in. And that we already pointed out yesterday, right? I mean if you watch my middle of the day market update yesterday, we pointed out the open interest was rising. The CVD was rising as well.

[00:02:31]Um [snorts] and so so we had a lot of longs coming in, but there was no spots buying it up, right? Which we normally did have.

[00:02:37]Funding rates got very high. Then we also had some shorts coming in and the funding rates did not get lower, right?

[00:02:42]So then you think, well, how does that work? Usually it means spot is selling.

[00:02:46]So overall, not great order flow for Bitcoin.

[00:02:50]Coinbase Bitcoin discount serves as a fundamental bearish catalyst. And then outside of that, if you look at the 4-hour time frame, we discussed this in my video this morning. We had already broken the bullish structure yesterday, right? So yesterday we were able to get a nice move into the upside from the previous week fair value low.

[00:03:07]But then we were like like we got some nice momentum right here. I thought this morning we could actually rally a bit higher for before pushing down lower.

[00:03:14]Um but ultimately we lost the 7-day rolling VWAP and then we lost the weekly range low here at 80,400.

[00:03:21]So so technically that's why we're bearish and technically that's also like this is a real bearish breakdown, right?

[00:03:27]We can only like if we get some very good news of peace in the Middle East or the Clarity Act gets passed, like then I still think there's possibility we recover and we're still going to move into the upside.

[00:03:36]But for now I would say it's most likely that we will continue to push down for Bitcoin.

[00:03:40]Um and the markets as well, but we'll talk about that in a moment. So what levels to look at?

[00:03:45]Um we have the previous week fair value low that's held yesterday at 79,700.

[00:03:50]Not bad. I personally am more interested in this little zone right here.

[00:03:55]So that's the value area high and the point of control of the previous range.

[00:03:59]That is this zone between 79,000 and 78,300.

[00:04:05]I think that's the key level to look at for some relief. Maybe we can even spike down a bit lower into 77,500 where we have the 30-day rolling VWAP.

[00:04:13]Like I said, although at the moment I think it's a real bearish breakdown, I am not bearish on the market, right? So I do think that we're going to pull back lower, but I think in that area we can find support. Maybe even a bit of a move into the upside, something like this. And then later for Bitcoin, I still expect that move into 83, 84,000, right? So that's generally how I'm looking at the market right now. Like I said, with very good news, we can still reclaim 80,500. Like 80,500 at the moment is probably the most important level to reclaim if we want to get bullish again. It is a possibility. It's not most likely. It is most likely this is a real bearish breakdown. Now does what what does that mean for our beloved altcoins? First of all, well, majors, Ethereum not looking great, right?

[00:05:02]I thought actually Ethereum was going to be able to get a move into the upside, but Ethereum is at the last support, which is 2260.

[00:05:08]If we lose that, it's likely we're going all the way into 2150 and 2200.

[00:05:14]Um so at the moment it's still holding, which I guess it's fine, but it's it's going to be very risky.

[00:05:20]And for XRP this means that we have failed to to to get the breakout. And and that was expected. I told you this was most likely this morning and I would say something like this, maybe even this, is still most likely for XRP at the moment. Now last but not least, altcoins. First of all, the only altcoin that I think is still relatively interesting at the moment, well, only two altcoins at the moment are BNB. I think BNB is still holding on relatively well. I wouldn't necessarily buy this right now, but I would definitely keep your eyes on this. And a coin that has had a lot of momentum. I wouldn't buy this either either right now, but injective injective has been very strong. It's holding relatively well as well.

[00:05:59]Maybe with a pullback this is interesting, but just in general very interesting altcoin to look at. Altcoins in order to keep an eye on to monitor.

[00:06:07]Altcoins in general not looking great.

[00:06:10]This morning I made a video on altcoins and what I told you is that I thought it was most likely that we would get of a pullback especially if we lost the previous quarter VWAP. Right? So you can see already right here. We had a bearish structure break with a bearish momentum yesterday.

[00:06:25]We got a bit of a move up, but that that wasn't with a lot of strength. Reclaimed back below the previous quarter VWAP. So I think altcoins in general there's going to be exceptions. There's going to be strong altcoins as well. I think altcoins in general will see a bit of a pullback. Those are my thoughts. Going into today, that's what I think you need to know. That's what I expect from the markets in terms of direction, XRP, Ethereum, relevant levels to look at for Bitcoin, what you need to know about altcoins. Hopefully it helps. Okay, hopefully it provides some value. For now thank you for watching everybody.

[00:06:54]Take care and bye.