bitcoin
Other cryptocurrencies fell and mixed on Monday after a dramatic sell-off late last week sent the digital asset lower through key technical levels that could pave the way for further declines.
Bitcoin fell less than 1% in the past 24 hours to $26,050, settling around the $26,000 mark after last week’s decline sent the largest cryptocurrency down nearly $25,500 from $29,000. .
“The market is still above the previous June local lows, which gives hope for a continuation of the upward trend. However, it is worrisome that the July highs are lower than the April highs,” Alex Kuptsikevich, analyst at brokerage FxPro, said. “Bitcoin ended the week significantly lower than its 200-week and 200-day moving averages, signaling a turn to a downtrend.”
The sell-off in bitcoin marks a seismic shift in cryptocurrency markets, which until last week had been in a historically stagnant trading period. After weeks of belated excitement in the stock market – where…
Dow Jones Industrial Average
And
Standard & Poor’s 500
It Was Volatile – Bitcoin turned into action late last week in a drop that shocked the markets and had traders looking to take the blame.
With the cryptocurrency remaining below key technical levels, analysts are eyeing bitcoin vulnerable to further declines.
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“The drop has brought it below short-term support and the 200-day moving average… putting the next and most important support near $25,200 within reach,” said Katie Stockton, managing partner at tech research firm Fairlead Strategies. “The setup is supported by a breach of $25,200, which will increase the downside risk for Bitcoin. Minor support is around $20,600.”
beyond bitcoin,
ether
It gained less than 1% to $1,675, although the second-largest coin has seen similar declines to Bitcoin in recent days. Smaller cryptocurrencies, or altcoins, have been mixed in with
Cardano
by less than 1%
ribbed
Slippage of less than 1%. Memecoins were more stable in the red, with
Dogecoin
down 2% and
shiba inu
shedding 3%.
Write to Jack Denton at jack.denton@barrons.com
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