The bitcoin rate on Monday fell to its lowest level in more than a month, ether (Ether) – below $ 3,000.
The pressure on the cryptocurrency market is exerted by the general risk aversion of investors, as well as signals of restrained demand from new investors, Bloomberg notes.
As of 1:45 p.m., the bitcoin rate retreated 3.05% to $39,058. Earlier in the session, it fell below $39,000.
The exchange rate of ether fell by 4.2% to $2916.6.
Technical analysis shows that despite bitcoin’s recent drop, the cryptocurrency is “not yet close to oversold levels” and the nearest support level of $35,000 is likely not to hold, said 22V Research analyst John Rock.
“We remain confident that bitcoin will drop to $30,000,” the expert says.
The cost of bitcoin has fallen by 5% over the past month, and by almost 16% since the beginning of the year.
The capitalization of the global cryptocurrency market, according to CoinGecko, has decreased by 4% over the past 24 hours, to $1.9 trillion.
Bitcoin and other cryptocurrencies decline on Friday, with some of the largest digital assets posting their biggest drop in weeks as risk appetite wanes, Barron’s writes.
Bitcoin has lost over 4% in the past 24 hours but is holding above the key technical level of $45,000. The price of the cryptocurrency jumped above this indicator last Sunday and continued to rise at the beginning of the week, rising above $48,000.
Meanwhile, on Thursday, bitcoin began to decline as investors exited risky assets, including cryptocurrencies and equities. By Thursday evening, its price had fallen more than 3%, showing the most significant one-day drop since March 10, according to Dow Jones Market Data.
“Bitcoin’s rally is fading, and the Wall Street session, which was accompanied by risk aversion, could lead to continued pressure on cryptocurrencies,” said Edward Moya, an analyst at Oanda.
The price of the most popular cryptocurrency at the beginning of 2022 was around $46,200 and remains well below the high of $68,990 reached in early November.
Meanwhile, some market participants believe that the fall in prices may be short-term, said Barron’s.
Meanwhile, the price of Ethereum, the second-largest cryptocurrency by capitalization, fell more than 3% below $3,300, also showing the largest one-day decline since early March on Thursday.
