Bitcoin snapped a 12-day slide on Sunday after a record-breaking string of declines. Analysts cautioned the respite may be brief.
12-day slide, taking a breather to bounce along with the rest of the cryptocurrency market after a record-breaking string of declines. Analysts cautioned the respite may be brief.
“For those who like to buy low and sell high, I think most can agree that it’s the former now,” said Mati Greenspan, founder of Quantum Economics. The crypto market is known for its wild swings — particularly on weekends, when moves can be magnified — and the whipsaw of the past two days provided the latest example. Still, the overall tone remains negative, with monetary tightening providing macro headwinds and crises within crypto raising concerns about widening distress.
Bitcoin’s leg down on Saturday pushed the coin below $19 511, the high it hit during its last bull cycle in 2017, which it reached at the end of that year. Throughout its roughly 12-year trading history, bitcoin has never dropped below previous cycle peaks. The token also broke through a technical support level of $18 300, said Katie Stockton, managing partner and founder of Fairlead Strategies.
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