Bitcoin Falls Under $26K As Crypto Market Appears Bearish – NewsTo
Bitcoin Falls Under $26K As Crypto Market Appears Bearish

Bitcoin Falls Under $26K As Crypto Market Appears Bearish


Despite the fact that major investors are increasing their bitcoin holdings, price charts indicate further falls in the near future, according to one trader.

Bitcoin (BTC) dropped below $26,000 in European early hours on Monday amid a generally bearish sentiment among crypto traders and the absence of new catalysts to rally markets.

CoinGecko data shows BTC dropped to $25,886 on Binance before recovering. XRP, ADA, and SOL plummeted as much as 2.2%, continuing a downturn from last week.

ETH declined 1.1% despite trading aggregation protocol 1Inch investing over $10 million in stablecoins from its treasury to buy 6,088 ETH late on Sunday, bringing some purchasing pressure to a tepid market.

Bitcoin Falls Under $26K As Crypto Market Appears Bearish

Majors fell on Monday as conventional markets rose, with Shanghai Composition and Nikkei 225 up more than 1%, Singapore up 0.73%, and European indices up 0.36%.

 FxPro trader Alex Kuptsikevich predicted additional falls based on price charts.

“The price is below its 200-week average and outside of its ascending channel, making the weekly technical picture for Bitcoin bearish,” Kuptsikevich said. The most likely short-term forecast is a $23.9-24.6K decline.”

A price chart with an ascending channel has higher highs and higher lows. A break below this indicates unfavourable price action by traders. Since August, traders have been gloomy: Futures traders are planning for a bearish market, while options traders foresee a greater decline.

Also Read: Bitcoin vs. Altcoins: Unveiling the Best Cryptocurrency Investment

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