{"id":51264,"date":"2023-08-21T16:42:43","date_gmt":"2023-08-21T20:42:43","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-fall-through-key-technical-levels-the-worst-may-not-be-over\/"},"modified":"2023-08-21T16:42:46","modified_gmt":"2023-08-21T20:42:46","slug":"bitcoin-prices-fall-through-key-technical-levels-the-worst-may-not-be-over","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51264","title":{"rendered":"Bitcoin Prices Fall Through Key Technical Levels. The Worst May Not Be Over."},"content":{"rendered":"
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\n Bitcoin
\n slipped and other cryptocurrencies were mixed on Monday after a dramatic selloff late last week that plunged digital assets through key technical levels that could pave the way for even further declines.<\/p>\n

The price of Bitcoin has fallen less than 1% over the past 24 hours to $26,050, stabilizing around the $26,000 mark after last week\u2019s drop took the largest crypto to as low as around $25,500 from $29,000.<\/p>\n

\n

\u201cThe market is still above the previous local lows of June, giving hope for a continued uptrend. However, it is worrying that July\u2019s highs are lower than April\u2019s,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cBitcoin closed the week with a notable drop below its 200-week and 200-day moving averages, signaling a shift to a bearish trend.\u201d<\/p>\n

The selloff that hit Bitcoin marked a seismic shift in crypto markets, which up until last week were in a period of historically stagnant trading. After weeks of lagging excitement in the stock market\u2014where the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n have been volatile\u2014Bitcoin swung into action late last week in a drop that shocked markets and had traders looking to lay blame.<\/p>\n

With cryptos holding below key technical levels, analysts are eyeing Bitcoin as vulnerable for further declines.<\/p>\n

\u201cThe decline has taken it below short-term support and its 200-day moving average \u2026 putting next and more important support near $25,200 in reach,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies. \u201cThe setup supports a breach of $25,200, which would further increase downside risk for Bitcoin. Secondary support is roughly $20,600.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n gained less than 1% to $1,675, though the second-largest token has seen similar declines to Bitcoin in recent days. Smaller cryptos, or altcoins, were mixed, with
\n Cardano
\n up less than 1% by
\n Polygon
\n slipping less than 1%. Memecoins were more firmly in the red, with
\n Dogecoin
\n down 2% and
\n Shiba Inu
\n shedding 3%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin slipped and other cryptocurrencies were mixed on Monday after a dramatic selloff late last week that plunged digital assets through key technical levels that could pave the way for even further declines. The price of Bitcoin has fallen less than 1% over the past 24 hours to $26,050, stabilizing around the $26,000 mark after […]<\/p>\n","protected":false},"author":1,"featured_media":28168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-51264","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Prices Fall Through Key Technical Levels. 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