Bitcoin falls to its lowest level in a month as risk aversion takes its toll

Bitcoin fell to its lowest level in more than a month as the cryptocurrency continued to be hurt by investor risk aversion amid signs of muted renewed interest in the coins.

The largest cryptocurrency fell 4.2 percent on Monday to $38,580.

The second-largest ether fell 4.7 percent, falling as low as $2,902. The value of the global crypto market has fallen about 4 percent to $1.9 trillion in the past 24 hours, according to CoinGecko pricing data.

Technical charts suggest that despite the recent decline, Bitcoin is “not close to oversold” and near-term support at $35,000 is unlikely to hold, John Roque, technical analyst at 22V Research, said in a note on Sunday.

“We continue to believe it will hit the $30,000 mark,” he said.

Bitcoin has struggled alongside risky assets over the past few months.

It has traded in a range of $35,000 to $45,000 for much of this year as the Federal Reserve began raising interest rates amid stubbornly high inflation.

Analysis by data provider Glassnode suggests that interest in Bitcoin has remained subdued, with little growth in the coin’s user base and minimal inflows of new demand.

Many bitcoin bulls remain unbowed, with predictions of $100,000 and beyond still being mentioned.

But price targets like $500k and $1m outstanding mean “we’re having a hard time believing that sentiment remains anything but constructive. And on a chart that looks like this, that’s bad news,” Roque said. Bitcoin falls to its lowest level in a month as risk aversion takes its toll

Fry Electronics Team

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