Bitcoin (BTC) crashed to its lowest level since last summer as the number one cryptocurrency hit the USD 32,000 level. The Monday crash came as the broader crypto market sold off over the weekend, led by falling stock prices and fears that terraUSD (UST) could lose its dollar peg. Meanwhile, several analysts pointed to possible bottoms in the sub-30k area.
The fall in the bitcoin price means that the USD 33,000 level, which worked as support for BTC in late January, has broken. As a result, BTC on Monday saw its lowest price since July last year, when the price touched just below the key USD 30,000 level.
From its all-time high of USD 69,000 seen on November 10 last year, BTC is now down by about 52%. USD 66.5m has been liquidated on Monday between midnight and noon UTC, per Coinglass.
Commenting on the sharp moves in the market, bitcoin analyst Dylan LeClair wrote on Twitter that a dip for BTC down to its realized price – which he said stands at USD 24,300 – is “entirely possible and has been consistent with previous market bottoms in bear market cycles.”
Meanwhile, Benjamin Cowen, an analyst known for his ‘lengthening cycles’ theory for the bitcoin price, said this weekend for the first time that the theory is “dead.”
“Bear market has been here for months and will likely continue to rage on for a while. Let’s hope this is a macro bottom signal, but I don’t think it is,” Cowen wrote. He added that it would “feel like a new cycle” even if BTC reverses around the lows from the summer of last year.
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