Bitcoin price today fell to its lowest level in more than a month as the cryptocurrency continues to be swayed by investors’ risk aversion.
Bitcoin price today fell to its lowest level in more than a month as the cryptocurrency continues to be swayed by investors’ risk aversion amid signs of renewed interest in the coin. muted.
The largest cryptocurrency fell 4.2% to $38,580 on Monday. The second-largest Ether is down 4.7%, falling as low as $2,902. The value of the global crypto market has dropped about 4% in the past 24 hours to $1.9 trillion, according to valuations from CoinGecko.
According to John Roque, technical analyst at 22V Research, technical charts show that despite Bitcoin’s recent drop, it is “not close to oversold levels” and short-term support at $35,000 likely won’t. held, John Roque, technical analyst at 22V Research, said Sunday. “We continue to believe it will hit $30,000,” he said.
Bitcoin has struggled with risky assets in recent months. It has mostly traded in the $35,000 to $45,000 range this year as the Federal Reserve begins to raise interest rates amid high inflation. Analysis from data provider Glassnode shows that interest in Bitcoin remains muted, with little growth in the coin’s user base and minimal new demand.
Read more: The Bitcoin Risk-Reward Calculation Is Being Driven By Rising Rates
Many Bitcoin bulls remain unquestioned, with predictions of $100,000 and even higher still being mentioned. But price targets like $500,000 and $1 million in circulation mean that “it is hard for us to picture sentiment remaining anything but constructive. And with a chart that looks like this, that’s bad news,” said Roque.
