Bitcoin is going through one of its worst weeks this year. This also applies to the rest of the crypto market.
The largest digital currency fell nearly 15% to levels around $ 10,145, and for the time being even below $ 10,000. BTC was falling for five consecutive days - its worst since November. The Bloomberg Galaxy Crypt Index fell about 12%.
"People thought that cryptocurrencies would become safe heaven assets at some point. However, they are beginning to lose that charm in recent days." - says Matt Maley, strategist at Miller Tabak + Co.
Based on price action models, however, the outlook seems pessimistic, with each new high being lower than the previous one. To get out of this trend, Bticoin has to go above its last high, which was on August 6, 2019 at a price of $ 12,316. Any failure in these attempts will keep the price of Bitcoin suppressed.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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