- Bitcoin lost ground amid major cryptocurrency sell-off.
- Move below $6,464 will expose 2018 low.
A period of peaceful consolidation ended with an epic crash that took Bitcoin below $7,000 and shifted focus from recovery attempts to April lows registered at $6,464. BTC/USD is now changing hands at $6,780, down 7% on daily basis and mostly unchanged since the beginning of Monday.
Read more about cryptocurrency market sell-off
While big crypto enthusiasts Like John MacAffee and Tom Lee still believe that the downside is temporary, many retail investors are less optimistic. According to Pension Partners, the digital coin No. 1 haven't refreshed maximums for 173 days, while 300day volatility measure dropped to 52%, which is the lowest level since the beginning of 2018.
Consecutive lower peaks visible on the daily chart also look worrisome, suggesting that more downside may be in store. From the longer-term point of view, $6,464 is critical. If this support gives in, the sell-off may be extended towards $6,000 and to 2018' low at $5,873. On the upside, a sustainable movement above $8,000 is needed to mitigate bearish pressure.
On the intraday level, the local support is seen at $6,680, followed by Sunday's low at $6,652. ahead of the above-mentioned $6,464. The upside is capped by 50-SMA (30-min chart) at $7,000 and 100-SMA at $7,280.
BTC/USD, the 30-min chart
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Bitcoin holds steady above $95,000, while crypto market capitalization excluding BTC decreases to $1.18 trillion on Monday. Analysts note that institutional interest in Bitcoin is likely overestimated through inflow data since it includes nearly 56% of BTC tied to arbitrage strategies.
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Bitcoin has been consolidating between $94,000 and $100,000 since early February. Amid this consolidation, investor sentiment remains indecisive, with US spot ETFs recording a $540 million net outflow last week, signaling institutional demand weakness.
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Solana price extends its decline and trades around $160 on Monday after falling over 11% last week. The recent correction in SOL has triggered a wave of over $26 million in liquidations in the last 24 hours and $110 million last week.
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