Summary:
- Current Price: Bitcoin has fallen more than 9% since the start of the weekend, currently trading at $54,244.
- Market Impact: The drop has affected several altcoins, with many investors remaining cautious.
- Additional Notes: Ethereum has also seen a sharp decline, with key support levels breached.
Bitcoin (BTC) has fallen below key support levels, dropping to $54,244 as markets continued to react negatively over the weekend. This decline, representing an over 9% loss since the weekend began, marks the lowest price for the flagship cryptocurrency in nearly three weeks. As of this morning in Asia, Bitcoin was trading at $54,244, down over 11% in the past 24 hours.
The broader market sentiment remains cautious due to fears of a potential global recession and escalating geopolitical tensions in the Middle East. This has led to a notable decline in altcoins, indicating that buyers are staying on the sidelines. The market volatility also resulted in the liquidation of numerous long positions, further exacerbating the sell-off.
Ethereum (ETH) has not been immune to the downturn. After dropping to $3,000, ETH experienced a severe decline, primarily attributed to institutional investors selling off their holdings. The daily ETH/USD chart shows a significant sell-off pattern, with the asset breaching multiple critical support levels, including the 200 EMA. This pattern indicates a bearish trend, with prices continually falling below key indicators like the 50 EMA and the 100 EMA.
In contrast, AAVE showed a positive trend over the past nine days, with a bullish market structure break on the 1-day timeframe. The daily RSI at 65 suggests strong upward momentum without reaching overbought conditions. Fibonacci extension levels at $129 and $142, aligned with recent local highs, could serve as the next take-profit targets for traders.
The crypto market’s current state underscores the volatility and uncertainty that can arise from global economic and geopolitical events, affecting both major cryptocurrencies and altcoins alike.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
