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Bitcoin breaks key technical support | Trading Cocktail

Bitcoin breaks key technical support, altcoins see bigger drop

Bitcoin breaks key technical support. Altcoins see bigger drop. Thin liquidity over the long weekend accelerates price decline. Bitcoin fell to its lowest level in more than a month, and other digital assets also fell, because investors were afraid of taking risks and there wasn’t a clear reason to buy.There was a lot of volatility in the cryptocurrency market on Monday. The largest one fell 4.2 percent to $38,580 and the second one dropped 5.3 percent to $2,885; both regained some ground in the New York morning, but not much. The value of the global crypto market has dropped about 4% in the last 24 hours to $1.9 trillion, according to CoinGecko. There were a lot of people who lost money in altcoins. At one point, Bitcoin Cash, EOS, and Ethereum Classic all lost more than 6%. Shiba Inu, too, lost some of its gains after it went up last week after Robinhood added it to its service.

Our previous chart on bitcoin prediction:


Bitcoin breaks key technical support, altcoins see bigger drop | Trading Cocktail
Ascending channel about to break on BTC/USD


Bitcoin breaks key technical support. Bitcoin and other risky assets have been having a very hard time in recent months. This year, it has mostly traded in a range of $35,000 to $45,000 as the Federal Reserve started raising interest rates and inflation kept going up. Trading has also slowed down on Coinbase, Bitfinex, Kraken, Bitstamp, and other exchanges. Volumes are down about 60% compared to last May, when they were at the same level. Google searches for the word “Bitcoin” have also gone down, and social media activity on the Crypto Subreddit, as measured by things like comments and posts per day, is down from mid-2021.

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Analysis by data provider Glassnode shows that interest in Bitcoin hasn’t changed much, with little growth in the number of people who use the coin and very little new demand for it.

Bitcoin breaks key technical support | Trading Cocktail

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