Bitcoin fell back below US$20,000 on Tuesday after enjoying its strongest run in more than three months last week, as risk aversion returned to global markets.
The largest cryptocurrency dropped as much as 5.6 per cent to US$19,275, declining for a fourth straight session. It reached US$22,472 on Friday amid a broader rally. Second-largest Ether tumbled more than 9 per cent to US$1,032. The MVIS CryptoCompare Digital Assets 100 index dropped 5.1 per cent, and traded near session lows.
US stocks slumped ahead of a key inflation report, with the Treasury curve inversion deepening to levels last seen in 2007 amid fears that rate hikes will sink the economy into a recession. If, however, Bitcoin breaks higher, US$28,000 may serve as the nearest resistance area, which is the coin’s bottom in 2021, Arcane added.
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