Bitcoin Sinks Nearly 3% to $26.7K; Bulls Ponder How Low It Can Go
After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.
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BTC price
After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.
Crypto traders suffered over $100 million of losses in liquidations on Monday, Coinglass data shows, as the digital asset market rout intensified.
Bitcoin is on track for gains on Friday despite bearish U.S. jobs numbers which initially sent the crypto down nearly 2%.
Investment research firm ByteTree upgraded bitcoin’s price outlook to “bull” from “neutral” as the crypto benefits as a “safe haven” amid an equity and bond sell-off.
Ether’s price dropped to its lowest price compared to bitcoin since July 2022 as the launch of futures-based ETH ETFs attracted meager interest from investors.
Bitcoin price in September (CoinDesk)
Cryptocurrency markets surged higher Thursday, with the price of bitcoin (BTC) breaking above the $27,000 level for the first time alongside easing macro pressures.
The 200-week and 200-day moving averages converge at $27,800, acting as an obstacle to further BTC price gains.
BTC slid to $26,500 as interest rates and the U.S. dollar surged while equities declined.
The pause in rate hikes had been overwhelmingly expected by market participants, who will now begin focusing on the U.S. central bank’s next policy meeting in November.