Bitcoin down 15% in 24 hours
Two days of heavy crypto selling have pushed Bitcoin close to the brink of a technical breakdown.
Yesterday many of the altcoins — Ethereum in particular — broke below the lows of the year in heavy selling. Bitcoin outperformed then but today it’s more uniform selling throughout crypto.
In any case, Bitcoin is the flagbearer and the area from $600 down to $5791 has been repeatedly tested this year and it’s held but the bounces have been progressively smaller and we’re nearing the lows again.
It would still take a 10% fall to get to a fresh low for the year, so there’s some breathing room but given the sentiment and volatility in Bitcoin, things can happen fast.
Trader Aleksandar Kumanov