Bitcoin Stuck in Neutral, But This Gaming Token Is Going Parabolic
Bitcoin remains stuck in a multi-month consolidation near $90,000 with a bearish outlook. Technical indicators, including a recent “death cross” (the 50-day EMA below the 200-day EMA), signal continued downward or sideways movement; Bitcoin trades below both EMAs, which are now key resistance. The Relative Strength Index (RSI) sits neutral at 48.3, reflecting a lack of market conviction. Meanwhile, the broader market sees metals like gold and silver hitting record highs as investors rotate out of risk assets, and the S&P 500 declines amid geopolitical tensions. In contrast, GameFi tokens are surging, led by Axie Infinity (AXS), which is up 131% this week and 251% in the past month. The rally follows updates from game creator Sky Mavis, including a new reward structure meant to reduce selling pressure and bot activity. This update has boosted trading volumes and user activity. AXS exhibits strong bullish technicals: a golden cross, price above both EMAs, and an ADX of 50, indicating powerful upward momentum. However, RSI at 82.4 signals overbought conditions, warning of a possible pullback. Despite recent gains, AXS remains well below all-time highs.
