The largest cryptocurrency fell as much as 4.2 percent to
$38,580 on Monday. Second-largest Ether dropped 4.7 percent, declining to as
low as $2,902. The global crypto market's value dropped about 4 percent in the
past 24 hours to $1.9 trillion, according to pricing from CoinGecko.
Technical charts suggest that despite Bitcoin's recent drop
it's “not close to an oversold reading,” and near-term support at $35,000 likely won't hold, said John Roque, technical
analyst at 22V Research, in a note Sunday. “We continue to believe that it will
get to the $30,000 level,” he said.
Bitcoin has been struggling along with risk assets in recent
months. It's largely traded in a range of $35,000 to $45,000 this year as the
Federal Reserve started hiking interest rates amid stubbornly high inflation.
Analysis from data provider Glassnode suggests that interest in Bitcoin has
remained muted, with little growth in the coin's user base and minimal flows of
new demand.
Many Bitcoin bulls remain unbowed, with predictions of
$100,000 and even higher still being mentioned. But price targets like $500,000
and $1 million circulating mean “it's
hard for us to figure sentiment remains anything but constructive. And with a
chart that looks like this that's bad news,” Roque said.
0 comments:
Post a Comment