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Bitcoin’s price on Monday remained below the $20,000-mark as other cryptocurrencies by and large were underperforming. Overall, the cryptocurrency market remained subdued.
High inflation, the fears of recession and geo-political unrest have forced investors to stay away from taking any risk.
Bitcoin’s price was up slightly by 0.37 per cent. However, even after the gain, the world’s most popular cryptocurrency was hovering at $19,145.05.
Ethereum, the world’s second largest cryptocurrency by market capitalization, was down by 0.51 per cent at $1,054.50.
“With the crypto cryptocurrency market consolidating for the past few days, the support and resistance levels for bitcoin and Ether would be crucial levels to watch out. Technical analysis reveals that bitcoin could go to as low as $15,600 mark if the support levels fail,” Edul Patel, Co-Founder and CEO, Mudrex said.
“Bitcoin has been trading below the 200-week moving average. In instances where bitcoin has traded below the 200-week moving average, it marked the end of the bear phase and bitcoin has traditionally recovered from that point. It would be interesting to see how the price action plays out over the coming few days,” Patel said.
Among other cryptocurrencies, Solana was down 0.67 per cent, Cardano fell 0.45 per cent, Stellar fell 0.62 per cent, Dogecoin fell 0.48 per cent, Polkadot was down 0.42 per cent, and Shiba Inu fell 0.09 per cent.
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