Consecutive weekly losses below that level would increase the risk of falling toward the next support of $13,900, she added.Īs for trading now, Stockton said a short-term, “counter-trend" technical signal “provides some hope that a rebound will unfold in the near term." She cautioned against buying the dip, though, as “momentum is strongly negative.Ī toxic mix of bad news cycles and higher interest rates has hurt crypto. The token also broke through a technical support level of $18,300, said Katie Stockton managing partner and founder of Fairlead Strategies. Throughout its roughly 12-year trading history, Bitcoin has never dropped below previous cycle peaks. Last Saturday and Sunday, volumes stood at $25.6 billion and $22.5 billion, respectively.īitcoin’s leg down on Saturday pushed the coin below $19,511, the high it hit during its last bull cycle in 2017, which it reached at the end of that year. Trading has been heavier than normal this weekend, with Bitcoin volume approaching $40 billion in the past 24 hours as of about 9 a.m.
Still, the overall tone remains negative, with monetary tightening providing macro headwinds and crises within crypto raising concerns about widening distress.
The crypto market is known for its wild swings - particularly on weekends, when moves can be magnified - and the whipsaw of the past two days provided the latest example.