Bitcoin and other top crypto tokens were trading in deep red on Friday. A sudden liquidation over the last few hours led to suffering of $1 billion as digital-asset markets suffered one of their worst sell-offs of the year and bitcoin’s price fell to a two-month low. Trading volumes of the crypto market spiked suddenly.
Bitcoin’s price experienced a sharp decline today following wider negative sentiments in the market post Evergrande bankruptcy filing and reports of SpaceX selling off their BTC portfolio.The asset plunged to two-month lows near $25,200, as traders reacted to unfavourable macro conditions. It has quickly regained some value and is currently trading at $26,500.
Image: Chart-BTC
The price action has experienced a valid bearish entry asBTC broke below the key 200-day EMA range yesterday. If there is any upside momentum, additional gains could potentially drive the price towards the resistance levels of $27,000 and $27,750. BTC’s RSI is currently below21 and has been on a downward slope in the past week, which also indicates that the asset has officially entered bearish territory.
Major Levels:
Support: $26,500, $26,125
Resistance: $27,200, $27,750, $28,200(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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